Regulatory News
ESMA finalises MAR guidelines review on delayed disclosure
ESMA has updated and streamlined its MAR guidelines on delayed disclosure of inside information, with the revised framework taking effect on EU-language publication.
- ESMA added five legitimate interests that can justify a delay in disclosure.
- The update follows a public consultation.
- The revised guidelines apply when published on ESMA’s website in all 24 official EU languages.
Action
ESMA has updated and streamlined its Market Abuse Regulation guidelines on the delay in disclosure of inside information. It says the revised regulatory framework is now complete.
The guidelines give issuers a non-exhaustive list of legitimate interests that may justify delaying public disclosure. ESMA said the review follows a public consultation.
Respondents
The changes apply to issuers under MAR. ESMA said the revised guidelines cover five additional legitimate interests for delaying disclosure.
- 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 after disclosure of sensitive commercial information.
- Where appointing a member of the issuer’s governing body or a manager holding a key position could be jeopardised.
- Where disclosure of inside information concerning companies within the same group could cause direct prejudice to the issuer and undermine the effectiveness of a delay applied by another company.
Effective
ESMA said that since June 2026, issuers are no longer required to immediately disclose inside information related to protracted processes before those processes are completed.
The revised guidelines will apply from the date they are published on ESMA’s website in the 24 official languages of the European Union.