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Market Abuse | Update of ESMA Q&A

On September 29th, the European Securities and Markets Authority (“ESMA”) published a further update of its Questions and Answers (“Q&A”) on Regulation (EU) No 596/2014 of 16 April 2014 on market abuse (the “Market Abuse Regulation”) to include a new question and answer in Section 5 - Questions and answers on the disclosure of inside information. 

With this latest update, ESMA has clarified the obligations on an issuer in a situation where such issuer has delayed the disclosure of inside information in accordance with Article 17(4) of MAR and during the period of that delay, the information concerned lost its feature of price sensitivity. The issuer is not obliged either to disclose the information to the public or to inform the competent authority of the delay.
On the other hand, the issuer must still comply, with respect to that information, with the obligations under the Market Abuse Regulation and related delegated and implementing regulations to keep insider lists and to keep information regarding the delay of disclosure.

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