Delegated Act on protracted processes needs slight amendments

The European Commission has proposed a Delegated Act to specify the requirement to disclose inside information in protracted processes under the EU Listing Act. According to the draft act, listed companies can, in the interests of orderly processes, generally wait for the decision of the supervisory board if the latter has to approve a decision. In addition, in longer processes leading to the conclusion of agreements (such as M&A), the ‘signing’ is determined as the relevant point of time for disclosure. 

In our response, we welcome both clarifications as practical solutions. In addition, we suggest some linguistic and substantive additions to the Commission's proposal that would further increase legal certainty for companies.