Scheda

ESMA has updated and streamlined its Market Abuse Regulation (MAR) guidelines on the delay in the disclosure of inside information, completing the revised regulatory framework.

These guidelines help issuers in their decision to delay disclosure by providing a non-exhaustive list of legitimate interests that could justify such delay. Following a public consultation, ESMA has identified five additional legitimate interests for delaying disclosures, covering the following situations: (i) where the issuer is requested not to disclose information by a public authority; (ii) where the issuer needs to collect additional information to enable a correct assessment of inside information by market participants; (iii) where the issuer may risk the loss of a business opportunity following the disclosure of sensitive commercial information; (iv) where the appointment of a member of the issuer’s governing body or a manager holding a key position could be jeopardised and (v) where the disclosure of inside information concerning companies within the same group could cause a direct prejudice to the issuer and undermine the effectiveness of the delay applied by other company.

The revised guidelines will become applicable from the date of their publication on ESMA’s website in the 24 official languages of the European Union