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---
title: "ESMA Q&A 1725 — Q&A — Disclosure of inside information by collective [Answer Published]"
shortTitle: "ESMA Q&A 1725 — Q&A — Disclosure of inside information by collective [Answer Published]"
answer_id: ESMA_QA_1725
topic: "Inside information, public disclosure and delayed disclosure of inside information"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MAR"
mar_level3: true
mica_level2: false
legal_basis: "MAR"
date: 20 March 2019
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1725
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 20 March 2019"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1725"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "ESMA"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "ESMA Answer"
    locator: "ESMA Q&A entry ESMA_QA_1725: field 'ESMA Answer', no 'Answer provided by' line"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  published_on: "2019-03-20"
  question_submitted_on: "2019-03-20"
  locators:
    published_on: "ESMA Q&A Excel export ESMA_QA_1725, column 'Esma responses', date line"
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1725, column 'Date of submission'"
lifecycle_label: "Answer Published"
---

**Answer by ESMA, published in its Q&A tool · not legislation · published 20 Mar 2019 [Answer Published]**

*Answer Published · ESMA Q&A register, 20 March 2019 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1725)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1725 — Q&A — Disclosure of inside information by collective \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1725 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 20 March 2019; question submitted 20 March 2019 |
| **Legal basis** | MAR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Disclosure of inside information by collective investment undertakings without legal personality voluntarily admitted to trading or traded on a trading venue**

### Question

Is a collective investment undertaking (CIU) without legal personality subject to the obligation to disclose inside information under Article 17 of MAR?

***

### Answer

\[ESMA70-145-111 MAR Q&A, Q&A 5.6\]

Yes. Article 17(1) of MAR establishes the obligation of the issuer to inform the public as soon as possible of inside information which directly concerns that issuer, without exempting any sort of issuers.

For the purposes of Article 17 of MAR, a CIU without legal personality meets the definition of ‘issuer’ contained in Article 3(1)(21) of MAR regardless of the fact that the effective issuance/redemption of the shares/units of the CIU, and any obligations arising from MAR (or from any other piece of legislation) are discharged by the relevant asset manager.

In that context, the asset manager could be held responsible for a potential infringement of the CIU’s obligation to disclose inside information under MAR.

However, ESMA recalls that the obligation to publish inside information under Article 17(1) of MAR only covers issuers that have requested or approved admission of their financial instruments to trading on a regulated market in a Member State or, in the case of instruments only traded on an MTF or an OTF, issuers who have approved trading of their financial instruments on an MTF or an OTF or have requested admission to trading of their financial instruments on an MTF in a Member State.

ESMA would like to highlight that, like any other issuer, a CIU without legal personality (and therefore, its management company on its behalf) may, on its own responsibility, delay the disclosure of inside information, provided that the relevant requirements set out in Article 17 of MAR are met.

Finally, ESMA recalls that the obligation to publicly disclose inside information under Article 17 of MAR is different from any other disclosure obligations arising from the UCITS Directive and AIFM Directive, as it strictly refers to cases involving ‘inside information’ (as defined in Article 7 of MAR) that directly concerns the issuer.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1725)