In our November 2018 update, we commented on the
FCA's revised draft technical note (TN/506.2). In April
2019, the FCA published the final version and gave feedback on the
consultation in the accompanying Primary Market Bulletin
(PMB) 23.
The only one change to the draft consulted on is an additional
sentence reminding issuers of the third condition for delaying
disclosure, which is that the issuer is able to ensure the
confidentiality of the inside information.
The feedback in PMB No.23 has some pointers to the FCA's
thinking:
- There is no prescription as to who in
a firm should conduct the required ongoing assessment as to whether
information arising in the course of preparing accounts is
"inside information" as defined in MAR. The FCA say
that a board or disclosure committee is not necessarily the best or
only body which can take these decisions. "We would
expect individuals at other levels in the firm, including the first
line, to be well-trained
