ESMA publishes guidelines on delayed disclosure under MAR

ESMA has published its final report into the review of the Market Abuse Regulation (MAR) guidelines on delayed disclosure. This follows its consultation on review of the MAR guidelines on delay in the disclosure of inside information and interactions with prudential supervision.

The guidelines aim to assist issuers in assessing whether they meet the conditions to delay inside information in accordance with MAR. To this end, they add certain cases to the list of legitimate interests of issuers for delaying public disclosure of inside information including:

  • delaying disclosure of the inside information until the prudential competent authority has authorised the transactions in the case of redemptions, reductions and repurchases of own funds subject to supervisory authorisation; and
  • delaying disclosure of the draft SREP decision until it becomes final.

The guidelines also clarify that, in respect of the content of the SREP decisions, the P2R should be considered as inside information and highly likely to be price sensitive whereas the P2G may only be inside information.

Ahead of the full application of the guidelines, the usual comply or explain procedure will be carried out. The guidelines will apply 2 months after publication of translations.

Emma Bond