MARKET SOUNDING

Market sounding procedures at Ilmarinen

Ilmarinen requires the disclosing market participants to apply the following process in market soundings under Regulation (EU) No 596/2014 on market abuse (MAR Regulation) concerning Ilmarinen. The market soundings must be conducted in accordance with the following procedures. Ilmarinen requires that the disclosing market participant knows in which situations the conditions for a market sounding in accordance with the MAR Regulation are met and that the disclosing market participants act in compliance with the Regulation. 

Finnish listed shares

Market soundings concerning Finnish listed shares shall be conducted as follows:

Phase 1

As a general rule, permission for a market sounding must be sought from Ilmarinen by email. When requesting permission for market sounding, the only information pertaining to the transaction that the disclosing market participant may disclose is that it involves a Finnish company, i.e. a company listed on Nasdaq Helsinki. Ilmarinen also requires that the duration of the insider status caused by the market sounding is estimated and stated at this stage. Market soundings shall be made at the address marketsounding.shares@ilmarinen.fi. If permission is refused, the matter will be considered closed. The disclosing market participant is informed of the refusal.

Phase 2

If permission is granted for the market sounding, the disclosing market participant shall submit a description of the potential transaction to the email address communicated by Ilmarinen when granting the permission. Ilmarinen requires that, at this stage, also an estimate is given as to which issuers and financial instruments the insider information pertains to.

Non-Finnish listed shares

Market soundings concerning non-Finnish listed shares shall be conducted as follows:

Phase 1

As a general rule, permission for a market sounding must be sought from Ilmarinen by email marketsounding.shares@ilmarinen.fi. When requesting permission for market sounding, the disclosing market participant may, in the case of foreign companies, only disclose the sector in which the company operates and its market value under the following criteria:

The company’s market value is

< EUR 5 billion or

> EUR 5 billion

Ilmarinen also requires that the duration of the insider status caused by the market sounding is estimated and stated at this stage. If permission is refused, the matter will be considered closed. The disclosing market participant is informed of the refusal.

Phase 2

If permission is granted for the market sounding, the disclosing market participant shall submit a description of the potential transaction to the email address communicated by Ilmarinen when granting the permission. Ilmarinen requires that, at this stage, also an estimate is given as to which issuers and financial instruments the insider information pertains to.

Finnish listed corporate bonds

Market soundings concerning Finnish listed corporate bonds shall be conducted as follows:

Phase 1

As a general rule, permission for a market sounding must be sought from Ilmarinen by email. When requesting permission for market sounding, the only information pertaining to the transaction that the disclosing market participant may disclose is that the market sounding involves a Finnish company as an issuer and/or securities issued by it. Ilmarinen also requires that the duration of possible insider status caused by the sounding is estimated and stated at this stage. Soundings shall be made at the address marketsounding.bonds@ilmarinen.fi. If permission is refused, the matter will be considered closed. The disclosing market participant is informed of the refusal.

Phase 2

If permission is granted for the market sounding, the disclosing market participant shall submit a description of the potential transaction to the email address communicated by Ilmarinen when granting the permission. Ilmarinen requires that, at this stage, also an estimate is given as to which issuers and financial instruments the insider information pertains to.

Non-Finnish listed corporate bonds

Market soundings concerning non-Finnish listed corporate bonds shall be conducted as follows:

Phase 1

As a general rule, permission for a market sounding must be sought from Ilmarinen by email. When requesting permission for market sounding, the only information that the disclosing market participant may disclose about the transaction is the sector in which the company operates. Ilmarinen also requires that the duration of the insider status caused by the market sounding is estimated and stated at this stage. All market soundings shall be made at the address marketsounding.bonds@ilmarinen.fi. If permission is refused, the matter will be considered closed. The disclosing market participant is informed of the refusal.

Phase 2

If permission is granted for the market sounding, the disclosing market participant shall submit a description of the potential transaction to the email address communicated by Ilmarinen when granting the permission. Ilmarinen requires that, at this stage, also an estimate is given as to which issuers and financial instruments the insider information pertains to.