Skyldigheten att offentliggöra insiderinformation inför en delårsrapport - En analys av emittentens skyldigheter enligt marknadsmissbruksförordningen.

Sammanfattning: Issuers’ duty to disclose inside information according to the market abuse regulation (MAR) is important in order to maintain a transparent and efficient market with the confidence of the public. The purpose of this essay was to examine the assessments faced by the issuer as a result of MAR when information that could constitute inside information arises prior to the disclosure of an interim report. The examination clarifies in which situations there is an obligation to disclose inside information prior to an interim report. In order to create basis for a problematizing discussion concerning the issuer’s duties according to MAR, the purpose of the regulation and the securities market has been analysed. By giving investors access to information concerning the issuer, investors are able to make considered investment decisions. Disclosure of inside information contributes to a correct pricing. In addition to informing the public, the disclosure of inside information also prevents insider dealing and the negative effects information asymmetries can have on the market efficiency. This contributes to the securities market being able to allocate capital in an efficient way between different parties. Prior to an interim report, inside information may arise during the process when the report is being produced and also independent from this process. As a general rule, inside information has to be disclosed as soon as possible. The requirement of disclosure as soon as possible can be problematized due to its vague wording. In the essay it appears that the requirement may have a special meaning close to the disclosure of the interim report, if the inside information consists of the report in its entirety. There is a value for the actors on the market that information is disclosed at expected occasions, for instance in an interim report. The potential possibility for the issuer to delay the disclosure is of major importance to determine if there is a duty to disclose the arisen inside information prior to an interim report. The reason being that a delayed disclosure is the only way the issuer can wait whit the disclosure. The assessment regarding delayed disclosure is dependent on, among other things, that the public is not likely to be misled by the delayed disclosure. The assessment can be linked to the maintaining of the public confidence in the securities market. The assessment in question is also directly linked to previous information from the issuer. Thereby, the previous information plays a role in determining whether the issuer must disclose the inside information as soon as possible before an interim report.