Regulatory Alerts2026-03-04
AFM Market Watch: Transparency Around Pre-Close Calls Remains Necessary
The Dutch Financial Markets Authority (AFM) issued this Market Watch to address the use of pre-close calls between listed companies and analysts, emphasizing strict compliance with the Market Abuse Regulation to prevent unlawful inside information disclosure. Quantitative analysis of 104 calls reveals these meetings trigger statistically significant but modest increases in short-term share price volatility and trading volume, confirming they are not neutral market events. The regulator urges issuers to adopt ESMA’s 2024 good practices by publicly announcing call agendas, publishing supporting materials, and maintaining detailed records to ensure equal information access for all market participants.
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