Circular CSSF 22/813 is a CSSF circular, published 19 May 2022 and updated 18 May 2022. Subject: Application of the MAR Guidelines of the European Securities and Markets Authority on delay in the disclosure of inside information and interactions with prudential supervision.
\nMain topic: Market abuse. Keywords: Inside information, Issuer.
\nRepeals Circular CSSF 16/646.
\nCircular CSSF 22/813 RE: Application of the MAR Guidelines of the European Securities and Markets Authority on delay in the disclosure of inside information and interactions with prudential supervision
\nLuxembourg, 19 May 2022
\nTo all issuers who have requested or approved admission of their financial
\nLadies and Gentlemen, Subject: Application of the MAR Guidelines of the European Securities and Markets Authority on delay in the disclosure of inside information and interactions with prudential supervision (ESMA70-159-4966) and repeal of Circular CSSF 16/646
\ninstruments to trading on a regulated market in a Member State or, in the case of instruments only traded on an MTF or on an OTF, to all issuers who have approved trading of their financial instruments on an MTF or an OTF or have requested admission to trading of their financial instruments on an MTF in a Member State
\nPurpose of the Circular The purpose of this circular is to inform you that the CSSF, in its capacity as competent authority, applies the MAR Guidelines of ESMA on delay in the disclosure of inside information and interactions with prudential supervision (Ref. ESMA70-159-4966) (the “Guidelines”), published on 13 April 2022. Consequently, the CSSF has integrated the Guidelines into its administrative practice and regulatory approach with a view to promote supervisory convergence in this field at European level. All issuers bound to comply with Article 17 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (“MAR”) shall duly comply with them. The Guidelines The Guidelines are issued by ESMA in accordance with Article 17 (11) of MAR and of Article 16 (1) of the ESMA Regulation. 1 The Guidelines apply in relation to the application of the definition of inside information under Article 7(1) of MAR and the inside information disclosure requirements for issuers in accordance with Articles 17(1) and 17(4) of MAR. The Guidelines apply as from 13 June 2022 in the context mentioned above. The Guidelines set out examples to assist issuers in conducting their assessment as to whether they meet the conditions to delay the public disclosure of inside information in accordance with Article 17(4) of MAR. The Guidelines also introduce clarifications on the institutions’ case-by-case assessment as to whether they would be in possession of inside information according to Article 7(1)(a) of MAR in relation to the institution-specific Supervisory Review and Evaluation Process (SREP) decisions received from their
\n1 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC.
\nprudential competent authority, with particular reference to the Pillar 2 Capital Requirements (P2R) and Capital Guidance (P2G). Furthermore, they amend the ESMA MAR Guidelines on delay in the disclosure of inside information (ESMA/2016/1478). The Guidelines are attached to this circular and are available on ESMA’s website https://www.esma.europa.eu/. Scope of application The present circular shall apply to all issuers bound to comply with the inside information disclosure requirements set forth in Article 17 of MAR. Date of application This circular shall apply as from 13 June 2022 and Circular CSSF 16/646 is repealed on the same date.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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