On 13 April 2022, ESMA published updated guidelines on delayed disclosure of inside information (the "Guidelines") pursuant to Regulation (EU) 596/2014 of 16 April 2014 on market abuse ("MAR"). The purpose of the Guidelines is to provide a non-exhaustive list of legitimate interests of issuers that are likely to be prejudiced by immediate disclosure of inside information (within the meaning of MAR) and situations in which delay of disclosure is likely to mislead the public.
The Guidelines have been updated to include additional scenarios where immediate disclosure of inside information could prejudice the legitimate interests of issuers. A new guideline has also been included on the interaction of MAR with Pillar 2 capital requirements and Pillar 2 capital guidance. For a more detailed summary of the updates to the Guidelines, please consult our previous newsletter on ESMA's final report on the updated Guidelines.
Pursuant to CSSF Circular 22/813 published on 19 May 2022, all issuers who are bound to comply with Article 17 of MAR must duly comply with the updated Guidelines as from 13 June 2022.