Issuers have to make price-sensitive information publicly available
Issuers have to make price-sensitive information publicly available as quickly as possible.
What is price-sensitive information?
- Price-sensitive information is information that could influence the price. It concerns information an investor would probably like to use in order to make decisions about his investments.
- The information is specific and it concerns the company.
- This information has not yet been made publicly available.
How should you disclose price-sensitive information?
- Send a press release to the media as quickly as possible, which media may reasonably be expected to guarantee a quick and efficient dissemination of the regulated information in all Member States, for example Bloomberg, Dow Jones or ANP/Reuters.
- Send the information to the AFM at the same time.
- Publish the price-sensitive information on your website.
Can you obtain a deferment?
- You may only delay making information generally available if the deferment serves a legitimate interest of the company, and
- if no deceit is to be feared as a result of the deferment, and
- if the confidentiality of the information is guaranteed during the deferment.
Brochure and Quick Guide on Price-Sensitive Information
What is price-sensitive information, according to the law? How should it be disclosed and in what form? And what are market parties entitled to expect from the AFM?
These and other questions are handled in the Quick Guide on Price-Sensitive Information. It is not a formal guideline, but it does comprise a concise and practical manual that is published annually by the AFM, as a supplement to the Price-Sensitive Information brochure.
The object of the Quick Guide is to provide a conveniently arranged reference manual that gives a clear image of the main aspects of the obligations concerning price-sensitive information, and how these should be handled in practice.