ESMA finalises the review of guidelines on the delay in disclosure of inside information

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has updated and streamlined its Market Abuse Regulation (MAR) guidelines on the delay in the disclosure of inside information, completing the revised regulatory framework. Under MAR, issuers are required to disclose as soon as possible the inside information concerning them, to ensure that investors are informed and to prevent insider dealing. In specific circumstances, issuers may delay public disclosure to avoid prejudicing their legitimate interests.  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: where the issuer is requested not to disclose information by a public authority; where the issuer needs to collect additional information to enable a correct assessment of inside information by market participants; where the issuer may risk the loss of a business opportunity following the disclosure of sensitive com...