ESMA seeks input to streamline and simplify its market abuse guidelines

The proposals align the guidelines with the disclosure regime as amended by the Listing Act, ensuring issuers face fewer administrative burdens while benefiting from clearer requirements.  

From June 2026, issuers will no longer be required to immediately disclose inside information related to protracted processes before their completion. As a result, ESMA is proposing to remove from the current guidelines the legitimate interests for delayed disclosure connected to such protracted processes.

It also identifies additional legitimate interest for delaying disclosure, including situations where a public authority requests non-disclosure of inside information, where the issuer requires more time to collect information, or where the issuer is involved in several procurement processes for similar contracts.

ESMA proposes to eliminate the section about the “no misleading the public” condition, as the Listing Act removed it from MAR.  Instead, the Listing Act requires that a delayed disclosure must not contradict the issuer’s latest public announcement on the same matter.

Next steps

All interested stakeholders are invited to respond to this Consultation Paper by 29 April 2026. Based on the responses received, ESMA will publish a final report in Q4 2026.

Further information:

Cristina Bonillo

Senior Communications Officer
press@esma.europa.eu