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\"ESMA Q&A 1721 — Q&A — Delayed inside information that lost the feature [Answer Published]\"\nshortTitle: \"ESMA Q&A 1721 — Q&A — Delayed inside information that lost the feature [Answer Published]\"\nanswer_id: ESMA_QA_1721\ntopic: \"Inside information, public disclosure and delayed disclosure of inside information\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MAR\"\nmar_level3: true\nmica_level2: false\nlegal_basis: \"MAR\"\ndate: 29 September 2017\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1721\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 29 September 2017\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1721\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-27\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1721: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2017-09-29\"\n  question_submitted_on: \"2017-09-29\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1721, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1721, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 29 Sep 2017 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 29 September 2017 · Checked against the ESMA publication on 27 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1721)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1721 — Q&A — Delayed inside information that lost the feature \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1721 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 29 September 2017; question submitted 29 September 2017 |\n| **Legal basis** | MAR |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Delayed inside information that lost the feature of the price sensitivity**\n\n### Question\n\nHow should an issuer deal with a situation where it has delayed a disclosure of inside information in accordance with Article 17(4) of MAR and, due to subsequent circumstances, that information loses the element of price sensitivity and therefore its inside nature?\n\n***\n\n### Answer\n\n\\[ESMA70-145-111 MAR Q&A, Q&A 5.2\\]\n\nWhere the issuer has delayed the disclosure of inside information in accordance with Article 17(4) of MAR and the information subsequently loses the element of price sensitivity, that information ceases to be inside information and thus is considered outside the scope of Article 17(1) of MAR. Therefore, the issuer is neither obliged to publicly disclose that information nor to inform the competent authority in accordance with the last paragraph of Article 17(4) that disclosure of such information was delayed.\n\nHowever, given that the information had been inside information for a certain period of time, the issuer had to comply with all relevant obligations relating to the drawing up and updating of insider lists and the maintenance of the information relating to the delay of disclosure, stemming from MAR and its delegated and implementing Regulations.\n\nESMA would like to remind that intermediate steps in a protracted process are not subject to the disclosure obligations until the process is completed, without prejudice to Article 17(7) of MAR where confidentiality is no longer ensured.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1721)\n"}