News and developments
New market abuse Q&As
- If an issuer identifies a piece of ‘inside information’ while preparing its financial guidance (which it may be required to provide under the Transparency Directive or national legislation), then the issuer will need to immediately publish that inside information irrespective of the date of publication of the financial guidance, unless its disclosure is delayed in terms of article 17 of MAR. ESMA also clarified that the position is also the same when the issuer identifies a piece of inside information while preparing its yearly, or half-yearly, financial statements.
- Issuers may take into consideration market analysts’ expectations (consensus), when considering whether an event or items in a financial report or the first financial guidance for a given financial year may constitute inside information, since all available information has to be considered to determine whether a piece of information may constitute ‘inside information’ in accordance with article 7 of MAR.
Author: Beppe Degiorgio September 26, 2022