ESMA has issued a consultation paper proposing new guidelines to clarify the conditions under which issuers can delay the disclosure of inside information. These guidelines aim to harmonize the application of Article 7(4) of the Market Abuse Regulation (MAR) across the EU, addressing situations where the disclosure of inside information would prejudice the legitimate interests of the issuer. The consultation paper outlines ESMA's preliminary views on the criteria for assessing undue prejudice and the conditions for selective disclosure.

Market participants, including public companies, financial advisers, and other entities subject to MAR, are invited to provide feedback on the proposed guidelines. The consultation period is open until a specified deadline, after which ESMA will analyze the feedback to finalize the guidelines. Entities should review the proposed guidelines to understand potential changes in disclosure obligations and prepare to adapt their internal procedures accordingly. Failure to comply with MAR, even with delayed disclosure, can result in significant penalties.