Inside information and disclosure
For an issuer, the recurring question is whether information is inside information. In simplified terms, it must be precise, non-public, relate directly or indirectly to an issuer or financial instrument and be likely to have a significant price effect if made public. The assessment always depends on the facts. An intermediate step in a protracted process may itself meet the criteria.
The starting point is disclosure as soon as possible. An issuer may delay disclosure only if all applicable conditions are met, including protection of a legitimate interest, no likelihood of misleading the public and continued confidentiality. The conditions must be monitored, and the decision and reasons recorded. The insider list and a draft announcement should be handled in parallel.
A process rather than a label
Good MAR governance answers four questions: who makes the first assessment, who decides, where are the reasons recorded and what triggers reassessment? The board, management, IR and advisers need one source of facts and clear authority. A poor process can cause late disclosure, selective disclosure or an inadequate audit trail. Check the consolidated regulation, Swedish FSA guidance and the marketplace rules in every live matter.