Regulatory Alerts2022-04-13
Added · Updated
Guidelines on MAR delay in the disclosure of inside information and interactions with prudential supervision
The guidelines establish a non-exhaustive list of legitimate interests allowing issuers to delay the disclosure of inside information under Article 17(4) of MAR, including scenarios involving negotiations, grave financial danger, intellectual property protection, and pending prudential decisions. They specify that delay is likely to mislead the public if the information contradicts previous announcements, financial objectives, or market signals generated by the issuer. For institutions subject to prudential supervision, the document clarifies that Pillar 2 Capital Requirements (P2R) and Pillar 2 Capital Guidance (P2G) are expected to constitute inside information if they are non-public, precise, directly related to the institution, and price-sensitive. Competent authorities must notify ESMA of their compliance status within two months of publication, while issuers are not required to report their compliance.
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