ESMA Updates MAR Guidelines on Delays in Disclosing Insider Information
The European Securities and Markets Authority (ESMA) has completed the review of the Market Abuse Regulation (MAR) guidelines regarding delays in disclosing insider information. The update, published on October 16, 2026, introduces five new legitimate cases for postponing the disclosure of such information, while simplifying the existing regulatory framework.
Quick Response
- ESMA has added five new situations that justify the delay in disclosing insider information
- The new exceptions cover scenarios such as requests from public authorities and risks to business opportunities
- The updated guidelines will come into force from the official publication date in all EU languages
- The update is part of the objectives of simplification and reduction of regulatory burdens
News in the Guidelines: Five New Legitimate Cases
- When a public authority requests not to disclose information
- When it is necessary to collect further data for a correct assessment by market operators
- When disclosure could compromise business opportunities
- When the appointment of board members or key managers could be threatened
- When disclosing insider information regarding other group companies could harm the issuer
Simplification of the Regulatory Framework
Since the beginning of June 2026, issuers are no longer obliged to immediately disclose insider information related to prolonged processes before their completion. This change reflects ESMA's goal of reducing regulatory burdens and simplifying procedures for issuers.
Impact on NIS2 and DORA Compliance
The update to the MAR guidelines takes on particular relevance in the context of NIS2 compliance and the DORA regulation. The new provisions could influence identity management and breach remediation processes for listed companies, requiring updates in Security Information and Event Management (SIEM) protocols.
Implications for Issuers and Investors
The new guidelines offer greater flexibility to issuers in managing sensitive information but also impose greater responsibility in assessing legitimate cases for delaying disclosure. For investors, this could mean greater transparency in cases where the delay is justified by legitimate reasons.
Next Steps and Implementation Timeline
The updated guidelines will become applicable from the official publication date on the ESMA website in all 24 official languages of the European Union. Issuers should start preparing for the implementation of the new provisions, assessing how these may affect their insider information disclosure practices.
Final Report and Documentation
The final report on the update of the MAR guidelines is available on the ESMA website. For further information, stakeholders can contact Cristina Bonillo Olivares, Senior Communications Officer, at the address press@esma.europa.eu.
The Market Context: Impact on Compliance Strategies
The update of the MAR guidelines fits into a market context characterized by increasing attention to NIS2 compliance and the DORA regulation. The new provisions require issuers to review their incident response and breach remediation protocols, integrating the new exceptions provided for delaying the disclosure of insider information. This impact is particularly relevant for listed companies operating in sectors at high risk of cyber threats, where the timely management of sensitive information is crucial.
Comparative Analysis: How Italy Positions Itself
In Italy, the update of the MAR guidelines could accelerate the adoption of advanced Security Information and Event Management (SIEM) and Data Loss Prevention (DLP) solutions. According to a recent report by Assintel, the Italian cybersecurity market recorded a 15% growth in 2026, driven by the demand for solutions for managing sensitive information. The new provisions could further stimulate the adoption of MDR services and SOC as a Service, especially among listed SMEs.
Practical Implications for Issuers
Issuers will need to update their identity management and access control processes to ensure that the new exceptions are managed in a compliant manner. This could include the adoption of advanced identity access management (IAM) solutions and the implementation of disaster recovery as a service (DRaaS) protocols to protect sensitive information during periods of delayed disclosure. Additionally, issuers will need to train staff on the new provisions to avoid accidental breaches.
The Importance of Training and Consulting
The complexity of the new guidelines underscores the importance of investing in crypto accountant and crypto tax consultant for companies operating in the cryptocurrency sector. Issuers managing digital assets will need to ensure that their institutional crypto custody practices are aligned with the new provisions, integrating crypto AML compliance and KYC exchange solutions into their privileged information management processes.
The Role of Technology in Managing Insider Information
The new guidelines could stimulate the adoption of advanced technologies for managing insider information, such as cloud security posture and zero trust architecture solutions. These technologies can help issuers protect sensitive information during periods of delayed disclosure while ensuring compliance with evolving regulations. Additionally, the adoption of enterprise backup and business continuity solutions could become a priority for listed companies seeking to mitigate the risks associated with managing insider information.
Future Forecasts: The Evolution of the Regulatory Framework
The update of the MAR guidelines is just the beginning of a series of regulatory changes that could affect the European financial sector. With the entry into force of the MiCA regulation and the further development of the DORA regulation, issuers will need to remain agile to quickly adapt to the new provisions. This could include the adoption of cyber insurance solutions to mitigate the risks associated with managing insider information and investing in penetration testing and vulnerability assessment services to ensure the security of their systems.
Frequently Asked Questions
What are the costs associated with implementing the new MAR guidelines?
The costs vary depending on the size of the company and the complexity of its insider information management processes. Issuers may need to invest in advanced technological solutions, staff training, and legal consulting. The cost of cyber insurance may increase for companies requiring additional coverage for managing insider information.
How can issuers ensure compliance with the new guidelines?
Issuers should start with an in-depth assessment of their current insider information management processes. This could include the adoption of Security Information and Event Management (SIEM) and Data Loss Prevention (DLP) solutions, as well as the implementation of disaster recovery as a service (DRaaS) protocols. Staff training and the adoption of identity access management (IAM) solutions are equally crucial.
What are the risks associated with delaying the disclosure of insider information?
The risks include the possibility of insider dealing, loss of investor confidence, and potential regulatory sanctions. Issuers must ensure that delays in disclosure are justified by legitimate reasons and that sensitive information is protected during periods of delay. The adoption of cyber insurance solutions can help mitigate these risks.
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