Capital markets
Disclosure & Market Abuse Regulation
Disclosure requires decisions about what to communicate, when and how. CorpLaw advises boards and management on inside information, publication and internal procedures under the Market Abuse Regulation (MAR) and applicable trading venue rules.
When is advice needed?
- When an event may constitute inside information.
- Before communications about financing, acquisitions or material changes.
- When assessing whether disclosure may be delayed.
- When reviewing insider lists, disclosure policies and internal procedures.
How we assist
Assessing information
Analysis of whether information may be inside information and the resulting handling and disclosure obligations.
Disclosure and delay
Legal review of communications, decision materials and documentation for any delayed disclosure. The conditions are assessed in the particular circumstances.
Insider lists and handling
Support with procedures for access to information, confidentiality, record-keeping and insider lists.
Board and management
Guidance on responsibility, internal decision-making and questions concerning transactions by persons discharging managerial responsibilities.
Questions to resolve early
- An evolving assessment
- Negotiations may develop in stages. The information available and the need for further decisions should be kept under review.
- Consistent communication
- Announcements, investor presentations and other communications need coordination to avoid selective disclosure.
- Documenting decisions
- Records should show the assessment made, the information available and who took the decision.
Questions and answers
Is all confidential information inside information?
No. Commercial confidentiality and inside information are different concepts. The assessment depends on the applicable rules and facts.
Is a disclosure policy enough?
A policy is a starting point. It needs practical procedures, clear responsibilities and documented assessments in individual matters.
Related services
Capital Markets
Legal advice on capital raising, listings, disclosure and corporate governance.
Listings & Market Transfers
Legal preparation for listings and transfers between trading venues.
Capital Raising
Legal structure, agreements and corporate approvals for investments and financing.
General Meetings & Governance
Meeting notices, proposed resolutions and governance documents for companies and owners.