This update concerns capital markets disclosure rules under the Market Abuse Regulation, which falls entirely outside the payments and financial services taxonomy scope.
No secondary tag is appropriate; this is a capital markets regulatory matter with no connection to payment services, instruments, or infrastructure.
Specialism
This update concerns securities market abuse regulation and insider trading disclosure rules, which fall outside the payments compliance scope and do not involve payment service providers, payment systems, or payment-specific regulatory obligations.
While the content involves disclosure and transparency, it addresses securities issuers' obligations under MAR rather than payment firm advertising or financial promotion rules specific to payment services.
2026-05-27 08:04:39·adavies@vixio.com
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TITLE: European Securities and Markets Authority Publishes Stakeholder Group Advice on Market Abuse Regulation Guidelines
BODY:
The European Securities and Markets Authority (ESMA) published advice from its Securities and Markets Stakeholder Group (SMSG) on the consultation paper concerning Market Abuse Regulation (MAR) guidelines on delay in the disclosure of inside information.
The SMSG advice addresses ESMA's proposed guidelines on how issuers may delay the disclosure of inside information under MAR. Inside information disclosure requirements are fundamental to market integrity and investor protection, as they ensure that material, non-public information is disclosed to the market in a timely manner. However, MAR permits issuers to delay disclosure in certain circumstances where immediate disclosure could prejudice legitimate interests. The SMSG advice evaluates ESMA's approach to clarifying when such delays are permissible, the conditions issuers must satisfy, and the safeguards necessary to prevent market abuse while allowing issuers flexibility in managing disclosure timing.
The stakeholder group's input reflects perspectives from market participants, investors, and other stakeholders on the practical application of delay provisions and their impact on market transparency and fair access to information. The advice informs ESMA's finalisation of the MAR guidelines on delayed disclosure, which will provide binding technical standards for competent authorities and guidance for issuers navigating disclosure obligations.
ESMA will consider the SMSG advice as it develops the final guidelines. The document reference ESMA24-229244789-5649 contains the full stakeholder feedback on the consultation paper.
SMSG advice on the Consultation Paper on MAR Guidelines on delay in the disclosure of inside information Skip to main content SMSG advice on the Consultation Paper on MAR Guidelines on delay in the disclosure of inside information Reference ESMA24-229244789-5649 Section Market Abuse Market Integrity Securities and Markets Stakeholder Group Type SMSG Advice Main Document ESMA24-229244789-5649 SMSG advice on the Consultation Paper on MAR Guidelines on delay in the disclosure of inside information (EN) Style ESMA document