International Organization of Securities Commissions publishes final recommendations updating secondary market disclosure guidance for listed entities

The International Organization of Securities Commissions has published its final Recommendations for Secondary Market Disclosure, giving regulators a consolidated non-binding framework to review and refine ongoing disclosure rules for listed entities after admission to trading. The report is intended to support more consistent application of IOSCO Principle 16 across jurisdictions while preserving flexibility for different legal frameworks and market structures. It updates, consolidates and modernises IOSCO’s earlier secondary market disclosure guidance rather than creating new binding requirements. The recommendations are organised around three areas. First, they set disclosure principles on materiality, fair presentation, timing, frequency, public access and consistency across channels, including discouraging selective disclosure and encouraging machine-readable reporting. Second, they cover disclosure content, including annual reports with audited financial statements, business and risk information, management discussion and analysis, governance, executive compensation, ownership, related-party transactions, interim financial statements and event-driven disclosure of material developments as they occur. Third, they address governance and controls, including disclosure controls and procedures, responsibility for disclosure, and internal controls over financial reporting. The framework is aimed primarily at jurisdictions regulating listed entities with public reporting obligations, and supersedes IOSCO’s previous secondary market disclosure principles.