Så snart som möjligt. Tidpunkten för offentliggörande av insiderinformation och särskilt om handelsfrekvensens påverkan.

Abstract

Article 17 (1) of the Market Abuse Regulation (MAR) states that an issuer shall inform the public as soon as possible of inside information which directly concerns that issuer. The possibility to delay the disclosure to the public of inside information, as stated in article 17 (4) of the Market Abuse Regulation, is an exception from this. There is no clear guidance from the EU as to what “as soon as possible” means. The general consensus is that it requires the disclosure of inside information to be done quickly. However, how quickly it should be done is still unclear. All organized trade of publicly traded stocks in Sweden is identical when it comes to the frequency of how often the stocks can be traded. The marketplaces all have the same opening hours. However, interest has been shown in possibly organizing trade of publicly traded stocks with a lower frequency, i.e., not daily. In this thesis I discuss the requirement to disclose inside information as soon as possible and, more specifically, whether the frequency with which a company’s publicly traded stocks is traded should affect the assessment of whether a disclosure of inside information has been done as soon as possible. I come to the conclusion that this should not be the case, based on numerous factors.