Conflict between disclosure obligations under MAR (Market Abuse Regulation) and the confidentiality of negotiations and trade secrets
Publication date: January 09, 2026
Disclosure obligations under MAR
Regulation (EU) No 596/2014 of the European Parliament and of the Council of 2014 (the so-called MAR Regulation) imposes a number of key information and disclosure obligations on issuers of financial instruments and persons discharging managerial responsibilities.
The main disclosure obligations contained in the aforementioned regulation include, among others, the disclosure of confidential information, as set forth in Article 17. Under this provision, the issuer of securities must publicly disclose all confidential information that directly concerns it as soon as possible after the issue. All such information should be provided in a manner that ensures prompt access and allows for full public review. However, a delay in disclosure is possible. This situation occurs when immediate disclosure could harm the issuer’s interests, but the delay does not mislead the public, and the issuer is able to ensure the confidentiality of the information. The Polish Financial Supervision Authority must be notified of any delay immediately after the information is published.
