European Securities and Markets Authority
15 Jul, 2021
ESMA launches a Consultation Paper on the review of its Guidelines on delayed disclosure of inside information under the Market Abuse Regulation (MAR) in relation to its interaction with prudential supervision.
Issuers, under MAR, can delay the disclosure of inside information where immediate disclosure is likely to prejudice an issuer's legitimate interest, the delay of disclosure is not likely to mislead the public and confidentiality is ensured.
The ESMA MAR Guidelines include a list of legitimate interests of issuers that are likely to be prejudiced by immediate disclosure of inside information. The purpose of this consultation is to build and expand on these Guidelines, in the context of the interaction between the MAR transparency obligations vis-à-vis inside information and the prudential supervisory framework.
The Consultation Paper proposes to amend current MAR Guidelines by:
ESMA invites all the stakeholders in the banking sector as well as other market participants including trade associations and industry bodies, institutional and retail investors, consultants and academics to send us their input by 27 August 2021. ESMA will consider the responses and expects to publish a final report including its amended MAR Guidelines by the end of 2021.