FESE response to the ESMA Consultation on the Market Abuse Regulation Guidelines

FESE responded to the ESMA Consultation on the Market Abuse Regulation Guidelines on delay in the disclosure of inside information (here).

In its response, FESE states that maintaining the legitimate interest currently described in point b of Guideline 1 (i.e., the possibility for the issuer to delay disclosure of its financial situation) should not be continued, as it risks being misinterpreted as allowing issuers to delay disclosure of adverse financial information that is highly material for investors. FESE also comments on the newly added legitimate interests, such as situations where a public authority issues an order on public policy grounds, and cases where complete information relating to the event or circumstance giving rise to inside information is not immediately available.