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Uppskjutet offentliggörande av insiderinformation i en utdragen process

Hagander, Alexandra LU (2016) JURM02 20161
Department of Law
Abstract (Swedish)
Under de senaste femtio åren har de europeiska kapitalmarknaderna blivit allt mer integrerade. För att garantera allmänhetens förtroende, för att förhindra framtida finanskriser och för att nå den ekonomiska effektiviteten på marknaden, är det viktigt att det finns harmoniserade förbud mot marknadsmissbruk.

En vanlig form av marknadsmissbruk är handel med insiderinformation, som kan leda till stora informationsasymmetrier mellan emittenter respektive investerare på marknaden. Ett sätt att jämna ut asymmetrierna är att införa en skyldighet för emittenter att offentliggöra insiderinformationen som denne innehar. Detta offentlighetskrav kommer att utvidgas den 3 juli 2016, då den nya marknadsmissbruksförordningen (nr 596/2014) träder i... (More)
Under de senaste femtio åren har de europeiska kapitalmarknaderna blivit allt mer integrerade. För att garantera allmänhetens förtroende, för att förhindra framtida finanskriser och för att nå den ekonomiska effektiviteten på marknaden, är det viktigt att det finns harmoniserade förbud mot marknadsmissbruk.

En vanlig form av marknadsmissbruk är handel med insiderinformation, som kan leda till stora informationsasymmetrier mellan emittenter respektive investerare på marknaden. Ett sätt att jämna ut asymmetrierna är att införa en skyldighet för emittenter att offentliggöra insiderinformationen som denne innehar. Detta offentlighetskrav kommer att utvidgas den 3 juli 2016, då den nya marknadsmissbruksförordningen (nr 596/2014) träder i kraft. Förordningen har nämligen infört bestämmelsen att även ett mellansteg i en pågående process kan utgöra insiderinformation. Bestämmelsen kommer att ge två konsekvenser, vilka uppsatsen har som syfte att utreda. För det första kommer det bli viktigare för emittenter att kunna avgöra vid vilken tidpunkt i processen informationen blir insiderinformation. För det andra kommer fler emittenter vilja använda sig av möjligheten att skjuta upp offentliggörandet av insiderinformationen, och kommer därför behöva veta under vilka förutsättningar ett uppskjutande får ske.

Slutsatsen av utredningen är att kriterierna för uppskjutet offentliggörande av insiderinformation bör tolkas brett, men att det ändå starkt efterlyses klargörande från EU domstolen gällande framför allt när information har en väsentlig inverkan på priset i utdragna processer samt för hur kriterierna legitimitet och vilseledande för uppskjutande av offentliggörande bör tolkas. Om ett klargörande inte görs inom snar framtid kan säkerställandet av allmänhetens förtroende för marknaden komma att hämmas. (Less)
Abstract
During the last fifty years, the European capital markets have become increasingly integrated. In order to ensure public confidence, to prevent future financial crises and to reach economic efficiency on the market, it is of importance that there are harmonised prohibitions against market abuse.

A common form of market abuse on the European market is trading with inside information, which can lead to large information asymmetries between issuers and investors. One way to balance the asymmetries is to establish an obligation for issuers to disclose inside information. This disclosure obligation will be extended on July 3rd 2016, when the Market Abuse Regulation (No 596/2014) enters into force, with a direct affect for all member states.... (More)
During the last fifty years, the European capital markets have become increasingly integrated. In order to ensure public confidence, to prevent future financial crises and to reach economic efficiency on the market, it is of importance that there are harmonised prohibitions against market abuse.

A common form of market abuse on the European market is trading with inside information, which can lead to large information asymmetries between issuers and investors. One way to balance the asymmetries is to establish an obligation for issuers to disclose inside information. This disclosure obligation will be extended on July 3rd 2016, when the Market Abuse Regulation (No 596/2014) enters into force, with a direct affect for all member states. The regulation has introduced a provision, which implies that even an intermediate step in a protracted process may constitute inside information and has to be disclosed as soon as possible. This provision will have two consequences, which this thesis aims to investigate. First of all, the ability for issuers to determine at what point in the process the information becomes inside information, will be more important. Secondly, more issuers will be likely to use the opportunity of delaying the disclosure of inside information, especially when they are in a protracted process. Thus, it will be crucial for issuers to know under what conditions a delay of disclosure may take place.

The conclusion of the study is that the conditions for delay of disclosure should be interpreted broadly. The conclusion of the study is that there is a need for clarification from the European Court regarding the disclosure obligations for inside information. Especially in cases when inside information, in protracted processes, has a significant price effect on a financial instrument, and how the criteria legitimacy and misleading for delay of disclosure should be interpreted. If no clarification is made in the near future, the public confidence for the capital market could be impeded. (Less)
Please use this url to cite or link to this publication:
author
Hagander, Alexandra LU
supervisor
organization
alternative title
Delayed disclosure of inside information in a protracted process
course
JURM02 20161
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
associationsrätt, EU-rätt, rättsekonomi, insiderinformation, Offentliggörande
language
Swedish
additional info
alexandrahagander@gmail.com
0768416442
920125-1809
id
8873812
date added to LUP
2016-06-14 10:33:50
date last changed
2016-06-14 10:33:50
@misc{8873812,
  abstract     = {During the last fifty years, the European capital markets have become increasingly integrated. In order to ensure public confidence, to prevent future financial crises and to reach economic efficiency on the market, it is of importance that there are harmonised prohibitions against market abuse.

A common form of market abuse on the European market is trading with inside information, which can lead to large information asymmetries between issuers and investors. One way to balance the asymmetries is to establish an obligation for issuers to disclose inside information. This disclosure obligation will be extended on July 3rd 2016, when the Market Abuse Regulation (No 596/2014) enters into force, with a direct affect for all member states. The regulation has introduced a provision, which implies that even an intermediate step in a protracted process may constitute inside information and has to be disclosed as soon as possible. This provision will have two consequences, which this thesis aims to investigate. First of all, the ability for issuers to determine at what point in the process the information becomes inside information, will be more important. Secondly, more issuers will be likely to use the opportunity of delaying the disclosure of inside information, especially when they are in a protracted process. Thus, it will be crucial for issuers to know under what conditions a delay of disclosure may take place.

The conclusion of the study is that the conditions for delay of disclosure should be interpreted broadly. The conclusion of the study is that there is a need for clarification from the European Court regarding the disclosure obligations for inside information. Especially in cases when inside information, in protracted processes, has a significant price effect on a financial instrument, and how the criteria legitimacy and misleading for delay of disclosure should be interpreted. If no clarification is made in the near future, the public confidence for the capital market could be impeded.},
  author       = {Hagander, Alexandra},
  keyword      = {associationsrätt,EU-rätt,rättsekonomi,insiderinformation,Offentliggörande},
  language     = {swe},
  note         = {Student Paper},
  title        = {Uppskjutet offentliggörande av insiderinformation i en utdragen process},
  year         = {2016},
}