The number of websites blacked out since July 2019 has thus risen to 713.
The Guidelines, published on ESMA’s website in all the official languages of the Union on 13 April 2022, replace the Guidelines on delay in disclosure of inside information to the public (Doc. ESMA70-159-4966 IT), supplementing them with:
  • two new reasons of legitimate interest in delaying the disclosure of inside information pursuant to Article no. 17 (4) MAR, relating, respectively, to the repurchase, redemption or other operations on own funds for issuers subject to the Regulation (EU) n. 575/2013 (CRR) and the outcomes of the Supervisory Review and Evaluation Process (SREP) for issuers subject to prudential supervision pursuant to Directive 2013/36/EU (CRD);
  • two new sections providing explanations on the existence of inside information in relation to the additional second pillar own funds requirements (so-called “Pillar 2 capital requirements” or “P2R”) and the second pillar capital guidelines (so-called “Pillar 2 Guidance” or “P2G”) .
The Guidelines, with the changes made, therefore provide issuers, typically banks, with useful information regarding the qualification of information relating to P2R and P2G and the existence of legitimate reasons underlying any decision to delay the publication of information assuming a privileged nature. This with regard, respectively, to the repurchase, redemption or other transactions on own funds, and the results of the SREP.
(Only in Italian)
COVIP ha pubblicato la Relazione annuale sull’attività svolta nel 2021.