ESMA Adds Five Grounds for Delaying Disclosure of Inside Information

The European Securities and Markets Authority (ESMA) has finalised revised guidelines on when issuers may delay disclosing inside information under the European Union’s Market Abuse Regulation (MAR). The updated guidance adds five situations that may justify a delay and removes provisions linked to protracted processes, completing ESMA’s review after a public consultation. Under MAR, issuers must disclose inside information concerning them as soon as possible. They may delay disclosure in specific circumstances to protect legitimate interests. The guidelines provide a non-exhaustive list of interests that issuers can consider when deciding whether a delay is justified; they do not replace the general disclosure requirement. The five additions cover cases where a public authority asks an issuer not to disclose information; the issuer needs to gather further information so market participants can assess the inside information correctly; disclosure of sensitive commercial information could jeopardise a business opportunity; disclosure could jeopardise the appointment of a governing-body member or a manager in a key position; or disclosure about another company in the same group could directly prejudice the issuer and undermine a delay applied by that company. ESMA also removed guideline provisions on delaying disclosure during protracted processes. The change follows a rule that, since June 2026, issuers are no longer required to disclose immediately inside information related to such processes before they are completed. The revised guidelines apply from publication on ESMA’s website in all 24 official EU languages. ESMA’s final report is dated 16 October 2026.