Changes in the rules of delaying confidential information
With the exception of credit and financial institutions, for which a separate delay mode was adopted, the decision on delay is taken independently by the issuer at his own risk. To delay information, conditions set by the MAR must be fulfilled: the possibility of violating the legitimate interests of the issuer in case of public disclosure, not misleading the public in connection with the delay and certainty as to ensuring the confidentiality of this information during the period of delay. As before, issuers are obligated to report the delay to the Financial Supervision Commission and submit a written explanation about the fulfilment of the conditions for the delay. The main difference lies in the fact that, in accordance with the MAR, such notification is made immediately after the transfer of the delayed confidential information to the public, and not as previously at the moment of the decision to delay the transfer.
On the basis of the MAR, guidelines of ESMA (European Securities and Markets Authority) will be issued specifying the list of circumstances which may adversely affect the legitimate interests of the issuer and the situation in which any delay would mislead the public. Importantly, this list is only an example, which means that the list of events that may be subject to delays will be open. In the previous state of the law, a list of information suitable for delay was determined by the ordinance of the Minister of Finance, and its open character was long disputed in the relation issuers - Financial Supervision Commission, and resulted in settlements of administrative courts, which too often presented different approaches.