ESMA seeks input to streamline and simplify its market abuse guidelines
Executive Summary
ESMA has launched a consultation on amending its Market Abuse Regulation (MAR) guidelines on delaying disclosure of inside information, aligning them with changes introduced by the Listing Act to reduce issuer burdens and clarify requirements. This matters because it simplifies compliance for issuers by removing outdated delay justifications and adding new ones, effective from June 2026, potentially lowering administrative costs while maintaining market integrity. #
What Changed
- - Alignment with Listing Act: Guidelines will reflect MAR amendments, removing the requirement for immediate disclosure of inside information on protracted processes before completion (effective June 2026), and deleting related legitimate interests f
- New legitimate interests for delay: Adds scenarios such as public authority requests for non-disclosure, issuer need for more time to collect information, or involvement in multiple similar procurement processes.
- Elimination of "no misleading the public" condition: Removes Guideline 2 entirely, as the Listing Act deleted this from MAR; replaces with requirement that delayed disclosure must not contradict the issuer’s latest public announcement on the same mat
- Overall simplification: Reduces administrative burdens for issuers while providing clearer, non-exhaustive lists of delay situations.
Suggested Considerations
- Respond to consultation: Submit feedback via ESMA's online .docx form by 29 April 2026, focusing on proposed amendments, additional legitimate interests, and interactions with prudential supervision (Annex IV of Consultation Paper).
- Review and update policies: Assess current inside information disclosure procedures against proposed changes, particularly removing protracted process delays and incorporating new legitimate interests; prepare for non-contradiction with latest public announcements.
- Train staff: Update compliance training on MAR delay conditions ahead of June 2026, ensuring alignment with Listing Act changes.
- Monitor updates: Track ESMA's Q4 2026 final report for binding guidelines and adjust insider lists, PDMR notifications, and disclosure workflows accordingly.
Key Dates
Compliance Impact
Urgency: Medium. This is a consultation on simplifications that reduce burdens rather than impose new obligations, with changes not effective until June 2026—giving firms over four months post-consultation to adapt. It matters for issuers to engage now for influence and early policy alignment, avoiding future misalignment penalties under MAR, but lacks immediate enforcement risk.
Who is Affected
References
AI-generated analysis. May contain errors or omissions — verify with the original ESMA source before acting. Full disclaimer.
Summary
ESMA seeks input to streamline and simplify its market abuse guidelines 19 February 2026 Market Abuse Market Integrity The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a consultation proposing amendments to its Market Abuse Regulation (MAR) guidelines on the delay in the disclosure of inside information. The proposals align the guidelines with the disclosure regime as amended by the Listing Act, ensuring issuers face fewer...