Compliance with the Guidelines issued by ESMA on the delay in disclosing inside information to the public and interactions with prudential supervision (ESMA70-159-4966 IT), Consob
Consob, as the competent authority for the supervision of market abuse, complies with the “Guidelines relating to the regulation on market abuse (EU) no. 696/2014 (MAR) – Delays in the public disclosure of privileged information and interactions with the prudential supervision “, published by ESMA in their final version in English on 5 January 2022, integrating them into its supervisory practices.
The Guidelines, published on ESMA’s website in all the official languages of the Union on 13 April 2022, replace the Guidelines on delay in disclosure of inside information to the public (Doc. ESMA70-159-4966 IT), supplementing them with: i) two new reasons of legitimate interest in delaying the disclosure of inside information pursuant to Article 17 (4) MAR, relating, respectively, to the repurchase, redemption or other operations on own funds for issuers subject to the Regulation (EU ) n. 575/2013 (CRR) and the outcomes of the Supervisory Review and Evaluation Process (SREP) for issuers subject to prudential supervision pursuant to Directive 2013/36 / EU (CRD), and ii) two new sections providing clarifications on the existence of inside information in relation to the additional second pillar own funds requirements (so-called “Pillar 2 capital requirements” or “P2R”) and the second pillar capital guidelines (so-called “Pillar 2 Guidance” or “P2G”) .
The Guidelines, with the changes made, therefore provide issuers, typically banks, with useful information regarding the qualification of information relating to P2R and P2G and the existence of legitimate reasons underlying any decision to delay the publication of information that assumes a privileged nature. , with regard, respectively, to the repurchase, redemption or other transactions on own funds and the results of the SREP.
Pursuant to art. 16, par. 3, of Regulation (EU) no. 1095/2010 (ESMA Regulation), the European Authority was informed that Consob complies with the guidelines in question, integrating them into its supervisory practices.
June 10, 2022