An issuer shall inform the public as soon as possible of inside information which directly concerns that issuer (MAR Article 17 )
An issuer or an emission allowance market participant, may, on its own responsibility, delay disclosure to the public of inside information provided that all of the following conditions are met:
- An immediate disclosure is likely to prejudice the legitimate interests of the issuer or emission allowance market participant;
- A delay of disclosure is not likely to mislead the public;
- The issuer or emission allowance market participant is able to ensure the confidentiality of that information. (MAR Article 17  )
If these preconditions are met, the listed company shall make a decision to delay the disclosure of inside information, document the decision and establish an insider list. Usually the decision to delay disclosure and the establishment of an insider list take place simultaneously.
After the decision, the listed company shall ensure that all preconditions of delayed disclosure are met during the entire delay procedure.