The European Securities and Markets Authority has launched a consultation proposing amendments to its Market Abuse Regulation (MAR) guidelines on delaying the disclosure of inside information, to align them with the Listing Act’s revised disclosure regime and reduce administrative burdens while clarifying requirements. From June 2026, issuers will no longer be required to immediately disclose inside information related to protracted processes before their completion, prompting ESMA to propose removing the current guideline references that treat such processes as legitimate interests for delayed disclosure. The consultation also proposes additional legitimate interests for delay, including where a public authority requests non-disclosure, where the issuer needs more time to collect information, or where the issuer is involved in several procurement processes for similar contracts. In parallel, ESMA proposes deleting the guideline section on the “no misleading the public” condition, reflecting its removal from MAR by the Listing Act, and instead reflecting the requirement that delayed disclosure must not contradict the issuer’s latest public announcement on the same matter. Responses to the consultation are due by 29 April 2026, with a final report expected in Q4 2026.
European Securities and Markets Authority 2026-02-19
European Securities and Markets Authority launches consultation to revise MAR guidelines on delaying disclosure of inside information under the Listing Act
The European Securities and Markets Authority (ESMA) is consulting on amendments to its Market Abuse Regulation guidelines to align with the Listing Act's revised disclosure regime. Key proposals include removing immediate disclosure requirements for protracted processes and adding legitimate interests for delay, such as public authority requests and the need for more information. ESMA also suggests deleting the guideline on the "no misleading the public" condition.