Disclosure of inside information
Inside information is information of a precise nature, which has not been made public, is relating directly or indirectly to an issuer and which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments of the issuer.
Best practices Issuers
The AFM conducts market-wide reviews of the process of drafting, disclosure and dissemination of inside information by listed companies. We also review specific themes, such as the risks of cybercrime in relation to keeping inside information confidential, and how companies are ensuring that insider lists are complete and up to date. Based on our reviews, we publish best practices, that help companies deal with inside information. We regularly update the best practices with new insights.
How to publish inside information?
1. The press release must be sent as soon as possible to media of which reasonably may be assumed that fast and effective distribution of this regulated information in all member states is guaranteed. For example: Bloomberg, Dow Jones and/or ANP/Reuters.
2. Publish the inside information on your website.
3. Send the information simultaneously to the AFM. The form for publication of inside information is available in the AFM Portal.
Notification of the delayed disclosure of inside information
In disclosing inside information, the main rule is that inside information which directly concerns the issuer involved must be disclosed as soon as possible by the issuer.
As an exception to this main rule, an issuer can delay the disclosure of inside information provided that the issuer meets the three cumulative conditions listed in article 17(4) MAR. In this case, immediately after the inside information has been disclosed in public, the issuer must confirm the delay while completing the form for disclosure of inside information. This form is available in the AFM Portal.
Under the Dutch Member State option, issuers only have to report that they have delayed disclosure. A written explanation of how the conditions for the delay have been met only has to be provided upon the request of the AFM.
An issuer that is a credit institution or a financial institution, may, on its own responsibility, delay the public disclosure of inside information, including information which is related to a temporary liquidity problem and, in particular, the need to receive temporary liquidity assistance from a central bank or lender of last resort, provided that certain conditions are met. Prior (written) consent from the AFM is required for this type of delay.
Employees of organisations in the public domain