On Oct. 1, 2018, EU ESMA issued its updated FAQs on the implementation of MAR.
- New questions on delayed disclosure of inside information under art. 17(5) of MAR.
- Q5.3 on the elements credit/financial institution should consider in the assessment of the relevant conditions when they plan to delay disclosure of inside information.
- Answer: it must provide evidence to NCA that conditions in point a), b) and c) met.
- If the NCA gives its consent to the delay further to its own assessment of relevant
conditions, firm expected to share with NCA any subsequent additional information.
- Q5.4 on whether firms are required to notify NCA of expected duration of the delay.
- Answer: yes, expected to provide assessment on length of delay and trigger events.
- If the NCA gives its consent firms should inform NCA whenever they become aware of new element or event that may affect the duration of the delay, under art. 17(5).
- Q5.5 on whether an institution can resort to art. 17(4) where NCA doesn't consent.
- Answer: no, where relevant conditions are not met, the NCA cannot consent to the delay, and credit/financial institution must disclose inside information immediately.
- In that case, they will not be able to resort to delay of disclosure, under art. 17(4).