Updated 04/02/2025
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Article 3 - Implementing Regulation 2024/2861

Article 3

Notification of delayed disclosure of inside information

1.   For the purpose of delaying the public disclosure of inside information in accordance with Article 88(2) of Regulation (EU) 2023/1114, issuers, offerors and persons seeking admission to trading shall use technical means that ensure the accessibility, readability, and maintenance in a durable medium of all of the following information:

(a)

the dates and times when:

(i)

the inside information first existed within the issuer, the offeror, or the person seeking admission to trading;

(ii)

the decision to delay the disclosure of inside information was made;

(iii)

the issuer, the offeror, or the person seeking admission to trading is likely to disclose the inside information;

(b)

the positions/functions of the persons within the issuer, the offeror, or the person seeking admission to trading that is responsible for:

(i)

making the decision to delay the disclosure of the inside information and deciding about the start of the delay and its likely end;

(ii)

ensuring the on-going monitoring of the conditions for the delay of the disclosure of the inside information;

(iii)

deciding about the disclosure of the inside information;

(iv)

providing to the competent authority the information about the delay and the written explanation;

(c)

evidence of the initial fulfilment of the conditions laid down in in Article 88(2) of Regulation (EU) 2023/1114, and of any change in that fulfilment during the delay period, including:

(i)

the information barriers which have been put in place internally and with regard to third parties to prevent access to inside information by persons other than those who require it for the normal exercise of their employment, profession, or duties within the issuer, the offeror, or the person seeking admission to trading;

(ii)

the arrangements put in place where the confidentiality of the inside information is no longer ensured.

For the purposes of this paragraph 1, ‘durable medium’ shall mean any instrument which enables the storage of information in a way that is accessible for future reference for a period of time adequate for the purposes of the information and allows the unchanged reproduction of the information stored.

Issuers, offerors and persons seeking admission to trading shall transmit to the competent authority a written notification of delay in the disclosure of inside information and a written explanation of such delay through a dedicated contact point within, or designated by, the competent authority, and using the electronic means specified by the competent authority. Such notification shall also include the identity and contact details of person(s) referred to in paragraph 1(b).

Competent authorities shall publish on their website the dedicated contact point within, or designed by, the competent authority and the electronic means referred to in the previous subparagraph. Those electronic means shall ensure that completeness, integrity and confidentiality of the information are maintained during the transmission.

2.   The electronic means referred to in paragraph 1 shall ensure that the notification of a delay in the disclosure of inside information includes the following information:

(a)

the identity of the issuer, the offeror, or the person seeking admission to trading, including the full legal name, where applicable;

(b)

the identity of the person making the notification, including his or her name, surname, and position within the issuer, the offeror, or the person seeking admission to trading;

(c)

the contact point regarding the notification, including his or her professional email address and phone number;

(d)

identification of the publicly disclosed inside information that was subject to the delayed disclosure, including the title of the disclosure statement, the reference number where the dissemination system used assigns one, and the date and time of the public disclosure of the inside information;

(e)

the date and time of the decision to delay the disclosure of the inside information;

(f)

the functions of the persons responsible for the decision to delay the public disclosure of the inside information.

3.   Where the written explanation of a delay in the disclosure of inside information is provided only upon request of the competent authority in accordance with Article 88(3) of Regulation (EU) 2023/1114, the electronic means referred to in paragraph 1 shall ensure that such written explanation includes the information referred to in paragraph 2. Such notification shall also include the identity and contact details of person(s) referred to in paragraph 1(b) and 2(b) and (e).