The AFM conducts market-wide reviews of the process of drafting, disclosure and dissemination of inside information by listed companies. We also review specific themes, such as the risks of cybercrime in relation to keeping inside information confidential, and how companies are ensuring that insider lists are complete and up to date. Based on our reviews, we publish best practices, that help companies deal with inside information. We regularly update the best practices with new insights.
Disclosure of inside information
Inside information is information of a precise nature, which has not been made public, is relating directly or indirectly to an issuer and which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments of the issuer.
Best practices Issuers
How to publish inside information?
- The press release must be sent as soon as possible to media of which reasonably may be assumed that fast and effective distribution of this regulated information in all member states is guaranteed. For example: Bloomberg, Dow Jones and/or ANP/Reuters.
- Publish the inside information on your website.
- Send the information simultaneously to the AFM. The form for publication of inside information is available in Loket AFM
Notification of the delayed disclosure of inside information
In disclosing inside information, the main rule is that inside information which directly concerns the issuer involved must be disclosed as soon as possible by the issuer.
As an exception to this main rule, an issuer can delay the disclosure of inside information provided that the issuer meets three cumulative conditions. Immediately after the inside information has been disclosed the delay must be reported to the AFM. The delay can be reported in the form used to file press releases.
You can submit a publication of inside information via Loket AFM. If this submission concerns publication of delayed inside information, please check the box “delayed publication inside information” in the form.
Employees of organisations in the public domain
The AFM regularly sees organisations, which are not themselves listed on the stock exchange, disseminating information that could significantly affect the price of financial instruments (such as shares or bonds) of listed companies (Issuers). This information can be classified as inside information. Trading on the bases of inside information and unlawfully disclosing inside information are both forbidden. It is therefore also important for (employees of) organisations in the public domain to handle such information carefully.
Results questionnaire 2017 about MAR 17 and MAR 19
At the end of April the AFM sent out a short questionnaire concerning some specific qualifications set out in the European Regulation no. 596/2014 on market abuse by issuers listed on Euronext Amsterdam.