Issuers’ duty to disclose inside information

被引：0

作者：

Hansen J.L. ^{[1
]}

机构：

[1] Forum for Company Law and Financial Markets Law (FOCOFIMA), University of Copenhagen, Copenhagen

来源：

ERA Forum | 2017年 / 18卷 / 1期

关键词：

Disclosure; Inside information; Market abuse; Securities;

D O I：

10.1007/s12027-017-0454-7

中图分类号：

学科分类号：

摘要：

Issuers are under an obligation to disclose inside information as soon as possible according to the disclosure regime in Art 17 of the Market Abuse Regulation (MAR). The article explores what and when an issuer must disclose. The threshold for determining what constitutes inside information is low, which ensures an early application of the insider dealing regime of MAR Art 8. The low threshold includes information of an intermediate nature, which is often uncertain and consequently likely to mislead the public if disclosed. However, the disclosure regime allows for delay to avoid this. © ERA 2017.

引用

页码：21 / 39

页数：18

共 8 条

[1] Akerlof G., The market for “lemons”: Quality uncertainty and the market mechanism, Q. J. Econ., 84, (1970)
[2] Commission: Financial services: Implementing the framework for financialmarkets: Action Plan, Brussels, (1999)
[3] ESMA Guidelines: Delay in the disclosure of inside information, (2016)
[4] European SecuritiesMarkets Experts Group: Market abuse EU legal framework and its implementation by Member States: A first evaluation, (2016)
[5] FCA: Handbook: MAR 1.2.14
[6] Hansen J.L., The case law on market abuse-where do we stand with MAR?, Eur. Co. Financ. Law Rev., 14, 1, (2017)
[7] Hansen J.L., The hammer and the saw, 26.12.2012
[8] Hansen J.L., The trinity of market regulation, Int. J. Dis. Gov., 1, (2003)

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