Investment Management Client Alert March 2026

ESMA Consults on Amendments to the MAR Guidelines

On 19 February 2026, the European Securities and Markets Authority (ESMA) published a consultation proposing amendments to the guidelines on delays in the disclosure of inside information under the Market Abuse Regulation (MAR).

Issuers are generally required to disclose to the public without delay inside information directly concerning them (Art. 17 MAR). However, the disclosure of inside information may be deferred at the issuer's discretion under certain conditions. The deferral must not, however, be likely to mislead the public. The current MAR guidelines provide examples of these conditions.

MAR, as amended by the Listing Act with effect of 5 June 2026, provides that in the case of a protracted process, mere intermediate steps (e.g., progress in negotiations, letters of intent) no longer need to be disclosed on an ad hoc basis. This applies even if they constitute inside information. Only the final outcome is subject to the