ESMA consults to streamline and simplify market abuse guidelines

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a consultation. It proposes amendments to its Market Abuse Regulation (MAR) guidelines. These concern the delay in the disclosure of inside information. The proposals align the guidelines with the disclosure regime, as amended by the Listing Act. This ensures issuers face fewer administrative burdens. They also benefit from clearer requirements, simplifying compliance for market participants. From June 2026, issuers will not need to immediately disclose inside information related to protracted processes before completion. ESMA proposes removing legitimate interests for delayed disclosure connected to such processes from current guidelines. ESMA also identifies additional legitimate interests for delaying disclosure. These include situations where a public authority requests non-disclosure of inside information. Another case is when the issuer needs more time to collect information. Furthermore, delaying disclosure is acceptable if the issuer is involved in several procurement processes for similar contracts. This provides flexibility while maintaining market integrity and transparency standards. ESMA proposes eliminating the "no misleading the public" condition section. The Listing Act removed this from MAR. Instead, the Listing Act requires that a delayed disclosure must not contradict the issuer’s latest public announcement on the same matter. All interested stakeholders are invited to respond to this Consultation Paper by 29 April 2026. ESMA will publish a final report in Q4 2026, based on the responses received from the public.