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by ESMA, published in its Q&A tool · not legislation · published 1 Oct 2018 [Answer Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2018-10-01","question_submitted_on":"2018-10-01","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1722, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1722, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1722","check":{"result":"matched","checked_at":"2026-10-27","against":"the ESMA publication"},"repo_path":"spaces/mar/level-3/q-and-a/esma/esma-qa-1722-delayed-disclosure-of-inside-information-under-article-17-5.md","body_sha256":"1ae88da6dd4a05d8b56e448d3bf83c2a671d02c7f6f11827cbb5b765acb2cd60"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1722 — Q&A — Delayed disclosure of inside information under Article [Answer Published]\"\nshortTitle: \"ESMA Q&A 1722 — Q&A — Delayed disclosure of inside information under Article [Answer Published]\"\nanswer_id: ESMA_QA_1722\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: 1 October 2018\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1722\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 1 October 2018\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1722\"\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_1722: 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: \"2018-10-01\"\n  question_submitted_on: \"2018-10-01\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1722, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1722, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 1 Oct 2018 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 1 October 2018 · Checked against the ESMA publication on 27 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1722)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1722 — Q&A — Delayed disclosure of inside information under Article \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1722 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 1 October 2018; question submitted 1 October 2018 |\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 disclosure of inside information under Article 17(5) of MAR: assessment of the relevant conditions**\n\n### Question\n\nWhen issuers that are credit/financial institutions or parent undertakings of such institutions intend to delay disclosure of inside information under Article 17(5) of MAR, what are the elements they should consider in their assessment of the conditions therein contained?\n\n***\n\n### Answer\n\n\\[ESMA70-145-111 MAR Q&A, Q&A 5.3\\]\n\nWhen a credit/financial institution or its parent undertaking intend to resort to the financial stability delay under Article 17(5) of MAR, it should provide evidence to the NCA that the conditions laid down in points a), b) and c) of the same article are met.\n\nThe assessment of those conditions should be as complete as possible to the best of the knowledge of that credit/financial institution or the parent undertaking of such institution.\n\nIf the NCA gives its consent to the delay further to its own assessment of the relevant conditions, the credit/financial institution or its parent undertaking are expected to share with the NCA any subsequent additional information relating to the conditions for the delay.\n\nPoint a) of Article 17(5) of MAR: disclosure of inside information entails a risk of undermining the financial stability of the issuer and the financial system\n\nIt should be noted that to resort to the delay under Article 17(5) of MAR, disclosure of inside information has to entail a risk of undermining the financial stability of both the issuer and the financial system.\n\nFor the disclosure of inside information to entail a risk of undermining the stability of the financial system, it is likely for it to pertain and be performed by an institution of relevance, e.g. in terms of impact and interconnection.\n\nIn this context, credit/financial institutions or their parent undertakings should not simply rely on ex ante categorisations but rather look at the specific circumstances.\n\nPoint b) of Article 17(5) of MAR: the public interest to delay the disclosure\n\nIn the absence of any definition of “public interest”, Recital 52 of MAR provides guidance stipulating that “the wider public and economic interest in delaying disclosure outweighs the interest of the market in receiving the information which is subject to delay”.\n\nWhen assessing the public interest, the credit/financial institution or its parent undertaking should attempt to identify different entities or groups who could be directly or indirectly affected by the decision to delay the disclosure of the inside information and whose interests may be understood as a public interest.\n\nDuring the assessment of the public interest, it is important to consider interests beyond the direct economic impacts and other non-financial interests of the public. All of these interests would need to be considered, and none of them should be considered in isolation.\n\nIf there are divergent interests of the public, the credit/financial institution or its parent undertaking should assess on a case-by-case basis if the prevailing public interest(s) is to delay the disclosure of inside information. For example, a potential loss to investors who have made or may make an investment decision should be weighed against the adverse effect of public disclosure on other groups, such as depositors and consumers.\n\nPoint c) of Article 17(5) of MAR: the confidentiality of the information\n\nCredit/financial institutions or their parent undertakings should provide the NCA with information on how the confidentiality of the inside information can be ensured.\n\nCredit/financial institutions or their parent undertakings are expected to assess the confidentiality of the information at the time of the notification to the NCA, but also how the confidentiality can be ensured during the period in which the information might be delayed.\n\nTo that purpose, credit/financial institutions or their parent undertakings should consider their procedures and measures put in place to ensure the confidentiality and draw up their insider list given that, pending the NCA’s decision to consent to the delay, the disclosure of the inside information is de facto already delayed.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1722)\n"}