New Market Abuse Q&As

The European Securities and Markets Authority ("ESMA") recently updated its question and answer document on the Market Abuse Regulation ("MAR"). The updated document sees the introduction of two new questions and their corresponding answers which, broadly, provide that:

1. If an issuer identifies a piece of 'inside information' while preparing its financial guidance (which it may be required to provide under the Transparency Directive or national legislation), then the issuer will need to immediately publish that inside information irrespective of the date of publication of the financial guidance, unless its disclosure is delayed in terms of article 17 of MAR. ESMA also clarified that the position is also the same when the issuer identifies a piece of inside information while preparing its yearly, or half-yearly, financial statements.