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

Persson, André LU (2019) JURM02 20192
Department of Law
Faculty of Law
Abstract
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... (More)
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. (Less)
Abstract (Swedish)
Emittenters skyldighet att offentliggöra insiderinformation enligt marknadsmissbruksförordningen (MAR) är betydelsefull för att upprätthålla en transparent och effektiv värdepappersmarknad med allmänhetens förtroende. Syftet med denna uppsats var att undersöka de bedömningar emittenten ställs inför till följd av MAR när information som potentiellt utgör insiderinformation uppstår inför offentliggörandet av en delårsrapport. Undersökningen klargör i vilka situationer det föreligger en skyldighet att offentliggöra insiderinformation inför en delårsrapport. För att möjliggöra en problematiserande diskussion om emittentens skyldigheter enligt MAR har regelverkets och värdepappersmarknadens syfte analyserats.

Genom att investerare får... (More)
Emittenters skyldighet att offentliggöra insiderinformation enligt marknadsmissbruksförordningen (MAR) är betydelsefull för att upprätthålla en transparent och effektiv värdepappersmarknad med allmänhetens förtroende. Syftet med denna uppsats var att undersöka de bedömningar emittenten ställs inför till följd av MAR när information som potentiellt utgör insiderinformation uppstår inför offentliggörandet av en delårsrapport. Undersökningen klargör i vilka situationer det föreligger en skyldighet att offentliggöra insiderinformation inför en delårsrapport. För att möjliggöra en problematiserande diskussion om emittentens skyldigheter enligt MAR har regelverkets och värdepappersmarknadens syfte analyserats.

Genom att investerare får tillgång till information om emittenten kan investerare fatta avvägda investeringsbeslut. Offentliggörande av insiderinformation bidrar till en korrekt prissättning. Utöver att informera allmänheten förebygger offentliggöranden av insiderinformation insiderhandel och de negativa effekter informationsasymmetrier kan medföra för marknadens effektivitet. Detta bidrar till att värdepappers-marknaden effektivt kan allokera kapital mellan olika parter.

Inför en delårsrapport kan insiderinformation uppstå under processen då rapporten framställs men även fristående från denna process. Som huvudregel ska insiderinformation offentliggöras så snart som möjligt. Kravet på offentliggörande så snart som möjligt kan problematiseras på grund av dess vaga utformning. I uppsatsen framgår det att kravet kan ha en speciell innebörd i nära anslutning till offentliggörandet av delårsrapporten, om insiderinformationen utgörs av rapporten i sin helhet.

Det finns ett värde för marknadens aktörer att information offentliggörs vid förväntade tidpunkter, som exempelvis i en delårsrapport. Emittentens potentiella möjlighet att skjuta upp offentliggörandet är central för att avgöra om det föreligger en skyldighet att offentliggöra den uppkomna insiderinformationen redan inför delårsrapporten. Ett uppskjutet offentliggörande är nämligen det enda sättet för emittenten att vänta med offentliggörandet. Bedömning angående uppskjutet offentliggörande är bland annat beroende av att allmänheten sannolikt inte får vilseledas av det uppskjutna offentliggörandet. Bedömningen kan kopplas till upprätthållandet av allmänhetens förtroende för värdepappersmarknaden. Denna bedömning är även direkt kopplad till emittentens tidigare informationsgivning. Tidigare informationsgivning får därmed en betydelse för om emittenten måste offentliggöra insiderinformation så snart som möjligt inför en delårsrapport. (Less)
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author
Persson, André LU
supervisor
organization
alternative title
The duty to disclose inside information prior to an interim report - An analysis of the issuer’s duties under the market abuse regulation.
course
JURM02 20192
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
förmögenhetsrätt, insiderinformation, värdepappersmarknad, MAR
language
Swedish
id
9000349
date added to LUP
2020-02-01 14:24:10
date last changed
2020-02-01 14:24:10
@misc{9000349,
  abstract     = {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.},
  author       = {Persson, André},
  keyword      = {förmögenhetsrätt,insiderinformation,värdepappersmarknad,MAR},
  language     = {swe},
  note         = {Student Paper},
  title        = {Skyldigheten att offentliggöra insiderinformation inför en delårsrapport - En analys av emittentens skyldigheter enligt marknadsmissbruksförordningen.},
  year         = {2019},
}