There is the potential for an issuer to delay disclosure of inside information under certain circumstances. The conditions for this are described in Article 17(4) of MAR. The issuer must inform FI immediately when the inside information is disclosed. FI can also request a written explanation of the issuer's assessment concerning delaying the disclosure.
The following conditions shall be met in order for the issuer to be permitted to delay the disclosure of inside information. If any of the conditions are not met, the information must be disclosed as soon as possible (this also applies when the circumstances change, for example when the conditions are no longer met).
Disclosure may be delayed if
- immediate disclosure is likely to prejudice the legitimate interests of the issuer
- delay of disclosure is not likely to mislead the public
- the issuer is able to ensure the confidentiality of that information.
Guidelines on what may be considered "legitimate interests" and "misleading information" with regard to delayed disclosure are available from the European Securities and Markets Authority (ESMA) (see below, under the heading Regulations).
When the disclosure of inside information is delayed, and the confidentiality of the information can no longer be ensured, the information shall be disclosed to the public as soon as possible.
For credit institutions and financial institutions there is one further potential reason to delay the disclosure of inside information. However, this is only applicable under exceptional circumstances where the purpose of the delay is to preserve the stability of the financial system. More information can be found below, under Credit institutions and financial institutions.
Notifications that the disclosure of inside information has been delayed shall immediately be submitted to FI by e-mailing firstname.lastname@example.org after the insider information has been published. The e-mail shall include the name and contact details of the person submitting the information (e-mail and telephone number), the heading of the disclosure and the reference number (if relevant). The date and time of the disclosure and the decision to delay the disclosure shall also be included, as well as the identities of all persons responsible for the decision.
Please use the template "Anmälan om uppskjutet offentliggörande av insiderinformation enligt Mar artikel 17.4" when you send in this information.
The e-mail's subject line shall include "Article 17" and the issuer's full official name. This e-mail can be sent encrypted to FI, read more about this on the page How to send encrypted e-mails.
Form: Anmälan om uppskjutet offentliggörande av insiderinformation enligt Mar artikel 17.4 (in Swedish)
Credit institutions and financial institutions
Credit institutions and financial institutions have a specific opportunity to delay the disclosure of inside information. This can only be done for the purpose of preserving the stability of the financial system and may include information about a temporary liquidity problem and need to obtain temporary liquidity assistance. All of the following four conditions must be met:
- the disclosure of the inside information entails a risk of undermining the financial stability of the issuer and of the financial system,
- it is in the public interest to delay the disclosure,
- the confidentiality of that information can be ensured, and
- the competent authority has consented to the delay on the basis that the conditions in the previous three points are met.
The credit institution or financial institution shall notify FI of its intention to delay the disclosure. This notification shall include evidence that all of the conditions are met. The credit institution or financial institution shall then wait for FI's approval. If FI does not consent to delaying the disclosure, the issuer shall disclose the inside information immediately.
When the disclosure of inside information is delayed in order to preserve the stability of the financial system, but the confidentiality of the information can no longer be ensured, the information shall be disclosed to the public as soon as possible.
The message can be sent encrypted to email@example.com. Use the subject line "Notification concerning consent under Article 17(5) of MAR". Read more about this on the page How to send encrypted e-mails.