Continuing obligations—disclosure and control of 'inside information'
Continuing obligations—disclosure and control of 'inside information'

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • Continuing obligations—disclosure and control of 'inside information'
  • Brexit impact
  • Regulatory framework
  • Identifying inside information
  • Responsibility for disclosing inside information
  • When to disclose inside information
  • When can an issuer delay disclosure?
  • How to disclose inside information
  • Selective disclosure
  • Insider lists
  • more

This Practice Note considers the obligations regarding the disclosure and control of inside information under the Market Abuse Regulation (EU) No 596/2014 (Market Abuse Regulation) which came into effect in the UK on 3 July 2016, as well as the guidance from the Financial Conduct Authority (FCA) set out in Chapter 2 of the Disclosure Guidance and Transparency Rules (DTR).

Brexit impact

The operation of the UK listing and prospectus regime may be affected by Brexit. In particular for the purposes of this note, in relation to proposed changes to the market abuse regime in the event of a no deal scenario. For further details on these and other issues, see Practice Note: Brexit—UK listing and prospectus regime.

Regulatory framework

Market Abuse Regulation

Article 17 of the Market Abuse Regulation sets out the obligations of an issuer relating to the public disclosure of any inside information which directly concerns it. In summary, an issuer must inform the public as soon as possible of inside information which directly concerns it. This information must be made public and posted on the issuer’s website for at least five years.

Who is an issuer?

Under the Market Abuse Regulation an issuer is a:

‘legal entity governed by private or public law, which issues or proposes to issue financial instruments, the issuer being in the case