ESMA Consultation on MAR Guidelines for Inside Information Disclosure Delay
Summary
The European Securities and Markets Authority (ESMA) is consulting on proposed amendments to its Market Abuse Regulation (MAR) guidelines concerning the delay of inside information disclosure. The changes aim to align with the Listing Act, reduce administrative burdens for issuers, and clarify requirements. Stakeholders are invited to provide feedback by April 29, 2026.
What changed
ESMA has launched a consultation proposing amendments to its Market Abuse Regulation (MAR) guidelines on the delay of inside information disclosure. These changes are intended to align with the Listing Act, which will from June 2026 remove the requirement for issuers to immediately disclose inside information related to protracted processes before their completion. ESMA proposes to remove related legitimate interests for delayed disclosure from the current guidelines and introduce new ones, such as when a public authority requests non-disclosure or when an issuer is involved in multiple procurement processes. The "no misleading the public" condition is also proposed for elimination, replaced by a requirement that delayed disclosure must not contradict the issuer's latest public announcement.
Issuers and other market participants are invited to submit their feedback on these proposed guideline amendments by April 29, 2026. The responses will inform ESMA's final report, expected in Q4 2026. The proposed changes aim to streamline and simplify existing requirements, potentially reducing administrative burdens for issuers while ensuring clarity on when and how inside information can be delayed from public disclosure. Non-compliance with MAR, even with updated guidance, can lead to significant regulatory scrutiny and potential sanctions.
Source document (simplified)
ESMA seeks input to streamline and simplify its market abuse guidelines
Market Abuse Market Integrity 19/02/2026 The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a consultation proposing amendments to its Market Abuse Regulation (MAR) guidelines on the delay in the disclosure of inside information.
The proposals align the guidelines with the disclosure regime as amended by the Listing Act, ensuring issuers face fewer administrative burdens while benefiting from clearer requirements.
From June 2026, issuers will no longer be required to immediately disclose inside information related to protracted processes before their completion. As a result, ESMA is proposing to remove from the current guidelines the legitimate interests for delayed disclosure connected to such protracted processes.
It also identifies additional legitimate interest for delaying disclosure, including situations where a public authority requests non-disclosure of inside information, where the issuer requires more time to collect information, or where the issuer is involved in several procurement processes for similar contracts.
ESMA proposes to eliminate the section about the “no misleading the public” condition, as the Listing Act removed it from MAR. Instead, the Listing Act requires that a delayed disclosure must not contradict the issuer’s latest public announcement on the same matter.
Next steps
All interested stakeholders are invited to respond to this Consultation Paper by 29 April 2026. Based on the responses received, ESMA will publish a final report in Q4 2026.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu
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| Date | Reference | Title | Download | Select |
| --- | --- | --- | --- | --- |
| 19/02/2026 | ESMA74-268544963-1567 | Consultation paper on MAR Guidelines on delay in the disclosure of inside information | | |
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