MAR: More legal certainty and less red tape for companies

With this position paper, we are participating in an ESMA consultation on the implementation of the new rules regarding the disclosure of inside information under the EU Listing Act. The main topic of the ESMA proposals is the definition of a non-exhaustive list of final events in protracted situations, after which inside information are to be published (Art. 17 (1) MAR). The conditions for delay of disclosure of inside information are also specified. Although the ESMA proposals are a good starting point for further discussion, they will not lead to any significant reduction in red tape, especially because the moments of disclosure proposed by ESMA do not mark the end of protracted processes of decision making in all cases. There is a need for further improvement.