Article 17 — Public disclosure of inside information — compare
Showing 15 of 15Release 1 Nov 2026Details
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- MAR: every English consolidation from 1 Jan 2021. Older wording is not held and is not replaced by any other text. Not covered: national guidance, court decisions.
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- Release a4f2a049 published 1 Nov 2026, 17:41 CET. This article checked word for word against EUR-Lex on 26 Oct 2026.
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- Showing 15 of 15
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- 4 December 2024 · Consolidated version of 4 December 2024 · Checked against EUR-Lex on 26 Oct 2026 · Official source
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- 2 November 2026 · Consolidated version of 5 June 2026 · Checked against EUR-Lex on 26 Oct 2026 · Official source
1.An issuer shall inform the public as soon as possible of inside information which directly concerns that issuer. That requirement shall not apply to inside information related to intermediate steps in a protracted process as referred to in Article 7(2) and (3) where those steps are connected with bringing about or resulting in particular circumstances or a particular event. In a protracted process, only the final circumstances or final event shall be required to be disclosed, as soon as possible after they have occurred.
1a.An issuer shall ensure the confidentiality of the information which meets the criteria of inside information as referred to in Article 7 until such time as that information is disclosed pursuant to paragraph 1 of this Article.
4.An issuer or an emission allowance market participant, may, on its own responsibility, delay disclosure to the public of inside information provided that all of the following conditions are met:
In the case of a protracted process that occurs in stages and that is intended to bring aboutWhere an issuer or emission allowance market participant has delayed the disclosure of inside information under this paragraph, or it shall inform the competent authority specified under paragraph 3 that results in, a particular circumstance or disclosure of the information was delayed and shall provide a written explanation of how the conditions set out in this paragraph were met, immediately after the information is disclosed to particular event, an issuer or an emission allowance market participant may on its own responsibility delay the public. Alternatively, Member States may provide that a record of such an explanation is disclosure of inside information relating to this process, subject to points (a), (b) and (c) be provided only upon the request of the first subparagraphcompetent authority specified under paragraph 3.
Where an issuer or emission allowance market participant has delayedBy way of derogation from the disclosure of inside information undersecond subparagraph of this paragraph, it shall inform the competent authority specified under paragraph 3 that disclosure of the information was delayed andan issuer whose financial instruments are admitted to trading only on an SME growth market shall provide a written explanation of howto the conditions set out in thiscompetent authority specified under paragraph were met, immediately after the information is disclosed to 3 only upon request. As long as the public. Alternatively, Member States may provide that a record of such an explanation is toissuer is able to justify its decision to delay, the issuer shall not be provided only upon the requestrequired to keep a record of the competent authority specified under paragraph 3that explanation.
By way of derogation from the third subparagraph of this paragraph, an issuer whose financial instruments are admitted to trading only on an SME growth market shall provide a written explanation to the competent authority specified under paragraph 3 only upon request. As long as the issuer is able to justify its decision to delay, the issuer shall not be required to keep a record of that explanation.
4a.Non-disclosure by an issuer of inside information related to intermediate steps in protracted processes, in accordance with paragraph 1, is not subject to the requirements laid down in paragraph 4.
5.An issuer that is a credit institution or a financial institution or an issuer that is a parent undertaking of such an institution, may, on its own responsibility, delay the public disclosure of inside information, including information which is related to a temporary liquidity problem and, in particular, the need to receive temporary liquidity assistance from a central bank or lender of last resort, provided that all of the following conditions are met:
7.Where disclosure of inside information has been delayed in accordance with paragraph 4 or 5, or where inside information relating to intermediate steps in a protracted process has not been disclosed in accordance with paragraph 1, and the confidentiality of that inside information is no longer ensured, the issuer or the emission allowance market participant shall disclose that inside information to the public as soon as possible.
This paragraph includes situations where a rumour explicitly relates to inside information the disclosure of which has been delayed in accordance with paragraph 4 or 5, or to inside information related to intermediate steps in a protracted process that has not been disclosed in accordance with paragraph 1, where that rumour is sufficiently accurate to indicate that the confidentiality of that information is no longer ensured.
11.ESMA shall issue guidelines to establish a non-exhaustive indicative list of the legitimate interests of issuers, as referred to in paragraph 4, first subparagraph, point (a).
12.The Commission shall be empowered to adopt a delegated act to set out and review, where necessary, a non-exhaustive list of the following: