ESMA has finalised its review of the Market Abuse Regulation guidelines on delaying the disclosure of inside information. It adds five new cases of legitimate interest: a request from a public authority, the need to gather more information, the risk of losing a business opportunity, the appointment of a board member or key manager, and prejudice to a group company. Cases relating to protracted processes are removed, since from June 2026 intermediate steps no longer need to be disclosed. The guidelines will apply once published in all official EU languages.

What it means: For listed companies, deciding when to announce a major development is one of the most sensitive judgements. The Market Abuse Regulation allows a delay only if immediate disclosure would harm the issuer's legitimate interests, the delay does not mislead the market and confidentiality is ensured. The new guidelines give more concrete examples of what counts as a legitimate interest, which reduces uncertainty. The change ties in with the EU Listing Act, which from June 2026 provides that in multi-stage processes, such as acquisition talks, only the final event must be disclosed. That greatly simplifies life for issuers, but it does not remove the duty of confidentiality or the need to keep insider lists. For Greek listed companies, the Hellenic Capital Market Commission will apply the guidelines in its supervision. Legal and investor relations teams should review internal inside-information policies and how they document decisions to delay. Executive appointments and intra-group cases, which are new to the list, deserve particular attention.

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