PARIS, Feb. 19, 2026 — The European Securities and Markets Authority (ESMA) published a consultation paper proposing amendments to its guidelines on delayed disclosure of inside information under the EU Market Abuse Regulation, with responses due by April 29, 2026.
Consultation timeline and process
ESMA said it will consider all comments received by April 29, 2026, and that contributions should be submitted online via its consultation portal.
In the “Next Steps” section, ESMA stated it opted for a ten-week consultation period in order to publish the updated guidelines closer to the entry into application date of the revised MAR disclosure regime, which it identified as June 5, 2026.
ESMA also said a final report containing a summary of consultation responses and the final version of its guidelines is expected to be published in Q4 2026.
Background and reason for the review
In its executive summary, ESMA pointed to the EU legislative package known as the “Listing Act,” describing it as published in the Official Journal in November 2024 and aimed at simplifying listing requirements and reducing administrative burdens, including for SMEs, with some provisions applying from June 2026.
ESMA described the current MAR framework as requiring issuers to disclose inside information as soon as possible, while allowing delayed disclosure on an exceptional basis where certain conditions are met, and noted that its existing guidelines include indicative lists of legitimate interests and situations in which delay would mislead the public.
What the Listing Act changes from June 2026
ESMA stated that the Listing Act amended MAR so that, from June 2026, inside information relating to protracted processes is no longer subject to the disclosure obligation until completion.
ESMA also stated that, for delayed disclosure, the Listing Act replaced the condition that the delay “should not mislead the public” with a requirement that the information the issuer intends to delay “should not be in contrast with its latest announcement on the same matter.”
ESMA further stated that the Listing Act required the European Commission to adopt a delegated act including a non-exhaustive list of protracted processes and, for each process, to identify when the relevant final event or final circumstance is deemed to have occurred and inside information is to be disclosed.
ESMA’s proposed approach to updating its guidelines
ESMA said the consultation paper presents draft amendments to the MAR guidelines and that, because protracted processes will no longer be subject to the disclosure obligation until completion, it is proposing to delete from the guidelines those legitimate interests for delayed disclosure that relate to protracted processes.
ESMA also identified additional legitimate interests for delay, including cases where an issuer is requested not to disclose information by a public authority, where it needs to collect additional information, or where it is participating in several procurement processes for similar contracts.
Separately, ESMA stated that because the Listing Act removed from MAR the condition that delay “should not mislead the public,” it is deleting the relevant section from its guidelines.
