Informationsgivning på värdepappersmarknaden i ljuset av noteringsakten.

Sammanfattning

This work aims to present and discuss the changes made to article 17 MAR inregard to disclosure of inside information. Today the legal framework in MAR makes disclosure of inside information a costly necessity for companies within the EU. In part, this is because of the need to disclose information about protracted processes, even if the final event has not yet occurred. This means companies must do an assessment of the circumstances probability of resulting in a final event and the probability of that event resulting in information that willaffect the price of the company on the capital markets. As a result, this assessment can lead to premature information being disclosed, which in turn can lead to a misled market who acts on information which in the end may be proved false. The EU has, through the Listing Act, addressed the problem by regulating protracted processes so that events before the final event within said processes no longer shall be disclosed before the final event has occurred. A result of this is that less information will reach the market, but the information coming out will be considered more stable and reliable, which in turn should make market pricing easier for investors.