{"id":8599,"date":"2016-04-14T11:12:53","date_gmt":"2016-04-14T09:12:53","guid":{"rendered":"https:\/\/www.fma.gv.at\/en\/?page_id=8599"},"modified":"2023-03-02T10:21:47","modified_gmt":"2023-03-02T09:21:47","slug":"disclosure-of-insider-information","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/capital-markets\/supervision-of-issuers\/disclosure-requirements\/disclosure-of-insider-information\/","title":{"rendered":"Disclosure of Insider Information"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><p>The obligation to disclose insider information has the purpose of preventatively counteracting the <a href=\"https:\/\/www.fma.gv.at\/en\/glossary\/misuse-of-inside-information\/\">misuse of insider information<\/a> and to allow investors to reach a well-founded investment decision. Pursuant to <a href=\"https:\/\/eur-lex.europa.eu\/eli\/reg\/2014\/596\" class=\"external\" target=\"_blank\" rel=\"noopener\">Article&nbsp;17 (1) MAR<\/a> <a href=\"https:\/\/www.fma.gv.at\/en\/glossary\/issuers\/\">issuers<\/a> of financial instruments are required to inform the public without delay about insider information that directly them.<\/p><h2>Insider information<\/h2><p class=\"bodytext\">The condition for such a disclosure obligation is the existence of insider information.<\/p><p>Pursuant to <a href=\"https:\/\/eur-lex.europa.eu\/eli\/reg\/2014\/596\" class=\"external\" target=\"_blank\" rel=\"noopener\">Article&nbsp;7 (1) and (4) MAR<\/a>, <strong>insider information<\/strong> is<\/p><ul>\n<li><strong>information that has not been made public<\/strong>,<\/li>\n<li><strong>precise<\/strong> information,<\/li>\n<li>which directly or indirectly related to one or more issuers or to one or more financial instruments and which,<\/li>\n<li>if it were to be made public, would be likely to <strong>significantly influence<\/strong> the <strong>price<\/strong> of such financial instruments or the price of associated derivative financial instruments, as a savvy investor would probably use it as part of the basis for their investment decision.<\/li>\n<\/ul><h2>Delay<\/h2><p>Pursuant to <a href=\"https:\/\/eur-lex.europa.eu\/eli\/reg\/2014\/596\" class=\"external\" target=\"_blank\" rel=\"noopener\">Article&nbsp;17 (4) MAR<\/a>, the disclosure of insider information may be delayed at the responsibility of the issuer, where<\/p><ul>\n<li>the immediate disclosure is likely to prejudice the legitimate interests of the issuer,<\/li>\n<li>delaying disclosure is not likely to mislead the public, and<\/li>\n<li>the issuer is able to ensure the confidentiality of that information.<\/li>\n<\/ul><p>The <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  must be informed about the delay immediately following the disclosure of the insider information by e-mail to <a href=\"mailto:marktaufsicht@fma.gv.at\">marktaufsicht@fma.gv.at<\/a>.<\/p><p>Alternatively a credit institution or financial institution may also delay the disclosure of insider information at its own responsibility in order to preserve the stability of the financial system pursuant to <a href=\"https:\/\/eur-lex.europa.eu\/eli\/reg\/2014\/596\" class=\"external\" target=\"_blank\" rel=\"noopener\">Article 17 (5) <abbr title=\"Market Abuse Regulation\">MAR<\/abbr> <\/a>, provided that the criteria stated there are met (especially approval by the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr> ).<\/p><p class=\"bodytext\">\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The obligation to disclose insider information has the purpose of preventatively counteracting the misuse of insider information and to allow &#8230;<\/p>\n","protected":false},"author":10,"featured_media":0,"parent":8596,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-8599","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - 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