EuropeanIssuers has written to rapporteurs in the European Parliament to highlight some confusion on article 12 §4 and §5 of the ECON compromise amendments on market abuse.
According to EuropeanIssuers' understanding, the wording of these compromise amendments contains an editorial mistake which could lead to enormous compliance problems within listed companies seeking to delay the public disclosure of insider information.
From EuropeanIssuers' point of view, it is therefore the best possible solution at this stage of negotiations to stick to the original EU Commission's proposal which defines the rules of a delay under own responsibility laid down below, before unintentionally altering the existing essence and long-term understanding of the disclosure regime of inside information both with respect to accepted reasons for delaying and the way a delay is decided.
4. "Where an issuer of a financial instrument or emission allowance market participant has delayed the disclosure of inside information under this paragraph it shall inform the competent authority that disclosure of the information was delayed immediately after the information is disclosed to the public.”
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