Scheda

ESMA has launched a consultation proposing amendments to its Market Abuse Regulation (MAR) guidelines on the delay in the disclosure of inside information. The proposals align the guidelines with the disclosure regime as amended by the Listing Act, ensuring issuers face fewer administrative burdens while benefiting from clearer requirements.

From June 2026, issuers will no longer be required to immediately disclose inside information related to protracted processes before their completion. As a result, ESMA is proposing to remove from the current guidelines the legitimate interests for delayed disclosure connected to such protracted processes.

It also identifies additional legitimate interest for delaying disclosure, including situations where a public authority requests non-disclosure of inside information, where the issuer requires more time to collect information, or where the issuer is involved in several procurement processes for similar contracts.

ESMA proposes to eliminate the section about the “no misleading the public” condition, as the Listing Act removed it from MAR.  Instead, the Listing Act requires that a delayed disclosure must not contradict the issuer’s latest public announcement on the same matter.

ESMA will consider the feedback received in relation to the Consultation Paper by 29 April 2026. ESMA has settled for a ten-week consultation period for this short Consultation Paper to be able to publish the Guidelines closer to the date of entry into application of the new MAR disclosure regime, set on 5 June 2026. A Final Report containing a summary of all consultation responses and a final version of ESMA’s Guidelines is expected to be published on ESMA’s website in Q4 2026