meta_id 3202419

On June 5, 2026, Finansinspektionen (FI), Sweden's financial supervisory authority, implemented the final amendments to the Securities Act, which modified rules in the market abuse regulation and the Act (2016:1306) on supplementary provisions to the European Union's market abuse regulation. The key change introduces new requirements for when insider information constituting an intermediate step in an ongoing process must be disclosed. Previously, the main rule required all insider information to be disclosed as soon as possible. Under the revised rules, insider information that represents an intermediate step in an ongoing process no longer requires disclosure until the final circumstance or event has occurred. Consequently, issuers no longer need to delay disclosure of such intermediate-step information. However, the requirement to maintain insider lists remains unchanged. Additionally, issuers must still disclose insider information constituting an intermediate step if there is suspicion of information leakage. To support implementation, the European Securities and Markets Authority (ESMA) published a final report on the delegated act, which contains a non-exhaustive list of examples of intermediate steps. This list assists issuers in determining when they must disclose insider information. The European Commission's delegated regulation providing these examples has not yet entered into force. FI has updated relevant sections of its website and published updated frequently asked questions to guide market participants through these changes. The amendments apply to all issuers of financial instruments listed on regulated markets in Sweden. **References:** Finansinspektionen: https://www.fi.se/en/published/news/2026/now-the-rules-for-disclosure-of-insider-information-are-changing/ Consolidated version of the Market Abuse Regulation (EUR-Lex) European Securities and Markets Authority Final Report on the Delegated Act