CopiedESMA Amended Guidelines on Delayed Disclosure Entail Limited Changes

ESMA published a final report on 5 January 2022 concerning delayed disclosure under the Market Abuse Regulation (MAR). The translated guidelines were published on 13 April 2022. Each respective EU national competent authority has 2 months after that to comply and/or notify ESMA of any non-compliance.

The amendments primarily concern institutions subject to the EU Capital Requirements Directive (CRD) and/or the EU Capital Requirements Regulation (CRR).

Key Amendments to the Guidelines Copied

The guidelines add two types of additional circumstances to the list of legitimate interests of issuers for delaying public disclosure of inside information under MAR Art. 17(4):

1. Institutions intend to carry out redemptions, reductions, repurchases, repayments, or calls of their funds, pending regulatory authorization.
2. Draft supervisory review and evaluation process (SREP) decisions or any related preliminary information.

Disclosure Requirements for Pillar 2 Capital Copied

ESMA clarifies that both Pillar 2 capital requirements (P2R) and Pillar 2 capital guidance (P2G) are highly likely to be price-sensitive, constituting MAR inside information and typically requiring disclosure. Issuing institutions must verify the fulfillment of the basic additional requirements of MAR Art. 7(1)(a), which defines inside information as:

• Non-public information.
• Directly relating to the institution that has received it.
• Of precise nature.

General Observation Copied

A general observation is that only circumstance (1) above concerns most issuers, while the remaining items primarily relate to financial institutions.

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