The Board of the International Organization of Securities Commissions (IOSCO) issued a consultation report proposing non-binding Recommendations for Secondary Markets Disclosure to guide IOSCO members when establishing or reviewing rules on periodic and event-driven disclosures by listed entities. The proposal consolidates and modernises IOSCO’s prior secondary market disclosure guidance and is intended to supersede the existing Secondary Markets Disclosure Principles as IOSCO’s non-binding framework for this topic. The proposed recommendations cover baseline expectations on materiality, fair presentation and consistency of disclosures across channels, including social media. They also address the frequency and timeliness of periodic and event-driven reporting, including indicative timelines of 30 to 90 days for interim reports and 60 to 120 days for annual reports, cross-listing expectations for timely disclosure in all listing jurisdictions, and a prohibition on disclosing material information to selected investors before public release. Additional recommendations address filing with regulators, public dissemination, encouraging machine-readable reporting, and electronic storage to support public access. Content guidance is proposed for annual reports, interim reports and event-driven disclosures, alongside accountability measures such as disclosure controls and procedures, identification of responsible persons, and expectations around internal controls over financial reporting and related disclosures. The scope focuses on listed entities with a public reporting obligation and excludes non-reporting entities, collective investment schemes and shareholder meeting disclosures such as proxy solicitation and voting results; a separate addendum document covers a sustainability-related secondary market disclosure recommendation. Comments are requested by 3 February 2026 via IOSCO’s online submission process, with submissions to be published unless anonymity is requested.
IOSCO 2025-11-01
International Organization of Securities Commissions launches consultation on updated recommendations for listed entity secondary market disclosure
IOSCO has issued a consultation report proposing non-binding recommendations for secondary markets disclosure. The proposal aims to modernize and consolidate previous guidance, focusing on materiality, fair presentation, and consistency across disclosure channels. It includes guidelines on reporting timelines, cross-listing disclosure expectations, and accountability measures, targeting listed entities with public reporting obligations.