MAR inside information timing explained

What counts as inside information

Article 7(1)(a) of the Market Abuse Regulation defines inside information as information of a precise nature, which has not been made public, relating directly or indirectly to one or more issuers or financial instruments, and which would be likely to have a significant effect on prices if made public ¹.

Article 7(4) adds a reasonable investor test. Information counts if a reasonable investor would be likely to use it as part of the basis of his or her investment decisions ¹. The timing duty in Article 17 starts from the moment information meets this definition, not from a board meeting or a signing date ¹.

As soon as possible

Article 17(1) says an issuer shall inform the public as soon as possible of inside information which directly concerns that issuer ¹. The UK version, published on legislation.gov.uk, uses the same words ³.

The rule sets no fixed clock in hours or days. This differs from US Form 8-K, which counts four business days, and from Canadian material change reports, which carry a 10 day limit. For the date record, the key moment is when the information became inside information, compared with the time stamp on the regulatory announcement.

When delay is allowed

Article 17(4) lets an issuer delay disclosure, on its own responsibility, only if all of the following conditions are met ¹.

• Immediate disclosure is likely to prejudice the legitimate interests of the issuer ^1,3.
• Delay of disclosure is not likely to mislead the public ^1,3.
• The issuer is able to keep that information confidential ^1,3.

Telling the regulator about a delay

A delay leaves its own dated record. Under the UK text, an issuer that delayed disclosure shall inform the FCA that disclosure was delayed, immediately after the information is disclosed to the public ³.

UK guidance in the FCA Handbook adds a practical step. DTR 2.2.9 says a holding announcement should be used where an issuer believes there is a danger of inside information leaking ⁴. The guidance says such an announcement should give as much detail as possible, explain why a fuller announcement cannot yet be made and commit to publishing further details ⁴. It says a trading suspension may be appropriate if an issuer cannot or will not make a holding announcement ⁴.

Protracted processes after 5 June 2026

Article 7(3) says an intermediate step in a protracted process shall be deemed inside information if it meets the criteria on its own ¹. In the version consolidated on 4 December 2024, Article 17(4) allowed an issuer to delay disclosure of such steps ¹.

The EU Listing Act changed this. The Finnish Financial Supervisory Authority says that from 5 June 2026 issuers will no longer be required to disclose inside information regarding intermediate steps of a protracted process, and the duty will apply only to final events and final circumstances ². It says the changes are not intended to affect the definition of inside information, the final events will be listed in a Commission Delegated Regulation still being approved, and there is no transitional provision ². Issuers must still keep such information confidential and be ready to disclose it if confidentiality fails ².

This change applies in the EU. The UK text on legislation.gov.uk, up to date to 6 November 2026, shows no such change to Article 17 ³.

Managers' transactions

Article 19 sets a separate clock for dealings by persons discharging managerial responsibilities. They must notify promptly and no later than three business days after the date of the transaction ¹. The issuer must make the notified information public within two business days of receipt ¹. The duty applies once a total amount of EUR 20,000 has been reached within a calendar year, in the version consolidated on 4 December 2024 ¹.