ESMA finalises the review of guidelines on the delay in disclosure of inside information
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ESMA completes its review of the MAR guidelines on delaying the disclosure of inside information. It adds five new legitimate interests that may justify a delay and removes those linked to protracted processes, since from June 2026 such information no longer has to be disclosed before the process is completed.
Key points
- New cases: request from a public authority, need to gather further information, risk of losing a business opportunity, key appointments at risk and prejudice arising from information on other group companies.
- Legitimate interests related to protracted processes are removed.
- The list remains non-exhaustive.
Who is affected
Listed issuers and their compliance functions; national authorities such as the CNMV.
Deadlines
Applicable from their publication in the 24 official languages on ESMA's website.
Plain-language version
ESMA, the EU watchdog for stock markets and investment products, has finished reviewing its guidelines on when a listed company can briefly keep important news (inside information) private. It adds five new justifications and drops those for long, drawn-out processes, which since June 2026 no longer have to be disclosed before they end. The guidelines apply once published in all EU languages.
Read the original document →
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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