6.1.1. Obligation to disclose Inside Information to the public

A Reporting Entity must inform the public as soon as possible of Inside Information which directly concerns that Reporting Entity.

6.1.2. Requirements for public disclosure of Inside Information

The Reporting Entity:

• (a) must ensure that the Inside Information is made public in a manner which enables fast access and complete, correct and timely assessment of the information by the public; and
• (b) must not combine the disclosure of Inside Information to the public with the marketing of its activities; and
• (c) must post and maintain on its website for a period of at least five years, all Inside Information it is required to disclose publicly.

6.1.3. Delaying disclosure

A Reporting Entity may delay disclosure of Inside Information to the public provided that all of the following conditions are met:

• (a) immediate disclosure is likely to prejudice the legitimate interests of the Reporting Entity; and
• (b) delay of disclosure is not likely to mislead the public; and
• (c) the Reporting Entity is able to ensure the confidentiality of that information.

6.1.4. Delaying disclosure – protracted processes

In the case of a protracted process that occurs in stages and that is intended to bring about, or that results in, a particular circumstance or a particular event, a Reporting Entity may delay the public disclosure of Inside Information relating to this process, subject to MAR 6.1.3.

6.1.5. Obligation to notify the AFSA and the Authorised Investment Exchange of delayed disclosure

Where a Reporting Entity has delayed the disclosure of Inside Information under MAR 6.1.3 or MAR 6.1.4, it must inform the AFSA and the Authorised Investment Exchange that disclosure of the information was delayed and must provide a written explanation of how the conditions set out in MAR 6.1.3 were met, immediately after the information is disclosed to the public.

6.1.6. Obligation to disclose to the public when confidentiality is no longer ensured

Where disclosure of Inside Information has been delayed in accordance with MAR 6.1.3 or MAR 6.1.4 and the confidentiality of that Inside Information is no longer ensured, the Reporting Entity must disclose that Inside Information to the public as soon as possible.

Guidance: Obligation to disclose to the public when confidentiality is no longer ensured MAR 6.1.6 would apply to situations where a rumour explicitly relates to Inside Information the disclosure of which has been delayed in accordance with MAR 6.1.3 or MAR 6.1.4 where that rumour is sufficiently accurate to indicate that the confidentiality of that information is no longer ensured.

6.1.7. Disclosure of Inside Information in the normal course of the exercise of an employment, profession or duties

Where a Reporting Entity, or a Person acting on their behalf or for their account, discloses any Inside Information to any third party in the normal course of the exercise of an employment, profession or duties as referred to in MAR 5.2.5 (Unlawful Disclosure of Inside Information):

1. (a)     they must make complete and effective public disclosure of that information, simultaneously in the case of an intentional disclosure, and promptly in the case of a non-intentional disclosure; but
2. (b)    the obligation in (a) does not arise where the Person receiving the information owes a duty of confidentiality, whether such duty is based on law, regulations, on articles of association or on a contract.