Scheda

The International Organization of Securities Commissions (IOSCO) published its Final Report on Recommendations for Secondary Market Disclosure. The Report is intended to assist regulators in reviewing their existing disclosure frameworks and considering whether updates or refinements may be appropriate.

The Recommendations complement IOSCO’s work on primary market disclosure by focusing on ongoing disclosure obligations after listing. The objective is to help ensure that investors have access to timely and reliable information once securities are admitted to trading, not only at the point of issuance.

The guidance is structured around three main areas: (i) Disclosure principles, including materiality, timing, frequency and access to information; (ii) Content of disclosure, covering both periodic reporting and event-driven disclosures, depending on the nature of the information; and (iii) Governance and internal controls, focusing on the systems that support accurate, timely and reliable reporting