ESMA consults on streamlining MAR guidelines

The European Securities and Markets Authority (ESMA) has launched a consultation on proposed amendments to its guidelines on delay in the disclosure of inside information, under the Market Abuse Regulation (MAR). ESMA aims to streamline requirements and reduce administrative burdens for issuers. The proposals aim to align the guidelines with the changes introduced by the EU Listing Act to ensure compatibility with the new regime. Specifically, under the Act, from June onwards, issuers will no longer be required to immediately disclose inside information relating to protracted processes before those processes are completed. Consequently, ESMA proposes removing the existing references to legitimate interests that are linked to such protracted processes. It also introduces additional legitimate interests for delayed disclosure, including where a public authority requests non-disclosure of inside information, where additional time is needed to collect information, or where the issuer is involved in multiple similar procurement processes. ESMA also proposes deleting the section about the "no misleading the public" condition from the guidelines, reflecting its removal from MAR, and replacing it with the requirement that any delayed disclosure must not contradict the issuer's most recent public announcement on the same matter. The deadline for responses is 29 April, with a final report expected in Q4.

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