ESMA Q&A 1724 — Q&A — Delayed disclosure of inside information under Article [Answer Published]

Delayed disclosure of inside information under Article 17(5) of MAR: NCA’s denial of consent

Question

Where the NCA does not consent to the delay of disclosure under Article 17(5) of MAR, can a credit/financial institution or its parents undertaking resort to Article 17(4) of MAR?

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Answer

[ESMA70-145-111 MAR Q&A, Q&A 5.5]

No. Where the relevant conditions are not met, the NCA cannot consent to the delay under Article 17(5) of MAR and, according to Article 17(6) of MAR, the credit/financial institution or its parent undertaking will have to disclose the inside information immediately.

In that case, credit/financial institutions or their parent undertakings will not be able to resort to the delay of disclosure under Article 17(4) of MAR.

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Source: ESMA original document