Erscheinung:06.12.2016 | Reference number WA 27-Wp 2001-2016/0058 | Topic Insider monitoring On the applicability of the ESMA Guidelines on delay in the disclosure of inside information
Message from BaFin about the application of the ESMA "Guidelines on legitimate interests of issuers to delay the disclosure of inside information and situations in which the delay of disclosure is likely to mislead the public"
On 20 October 2016, the European Securities and Markets Authority (ESMA) published the German translation of its MAR Guidelines on delay in the disclosure of inside information on this website.
Pursuant to Article 17(11) of the Market Abuse Regulation (MAR), these provide a non-exhaustive and indicative list of legitimate interests of issuers that are likely to be prejudiced by the immediate disclosure of inside information and of situations in which delay of disclosure is likely to mislead the public. They also provide guidance on the requirements of Article 17(4) of MAR.
BaFin has informed ESMA that it will comply with these guidelines. From now on, BaFin will therefore draw on these guidelines as part of its administrative practice in order to ascertain the requirements of Article 17(4) of MAR.
