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ARTICLE · 13 MAY 2025

ESMA Publishes Final Report On Changes To MAR Inside Information Disclosure Rules

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On 7 May 2025, the European Securities and Markets Authority (ESMA) published its Final Report on, among other things, technical advice concerning EU Market Abuse Regulation...

GermanyCorporate/Commercial Law
Patrick Scholl
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Ulrike Binder
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Alexei Döhl
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Dusan Stojkovic
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On 7 May 2025, the European Securities and Markets Authority (ESMA) published its Final Report on, among other things, technical advice concerning EU Market Abuse Regulation (MAR) provisions that have been amended pursuant to the EU Listing Act. These amendments will be effective on 5 June 2026 and relate to:

  • disclosure of inside information in a protracted process; and
  • conditions to delay disclosure of inside information.

ESMA's technical advice seeks to enhance harmonisation with respect to these matters. In our view, ESMA's proposal provides useful guidance, particularly insofar as it is more concrete than guidance that a number of competent national authorities have historically provided. The European Commission is required to adopt delegated acts related to ESMA's technical advice by July 2026.

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