EU Market Abuse Regulation developments—May 2026

What's new?

The European Commission adopted two Delegated Regulations on April 8, 2026, implementing amendments to the Market Abuse Regulation, last amended by the EU Listing Act:

• A Delegated Regulation on disclosure of inside information in protracted processes and delay of disclosure, which establishes a non-exhaustive list of (i) final events or circumstances in protracted processes requiring disclosure (and the timing of such disclosure), and (ii) situations where information an issuer intends to delay is “in contrast” with its most recent public announcement on the same matter.
• A Delegated Regulation on permission for trading during closed periods and indicators of market manipulation, which updates Delegated Regulation (EU) 2016/522 to (i) extend the scope of PDMR closed-period trading exemptions to financial instruments other than shares to comply with the EU Listing Act, and (ii) refresh the indicators of market manipulation in Annex II to reflect algorithmic trading developments and correct erroneous cross-references.

The European Parliament and Council have three months to raise objections to the Delegated Regulations; absent objections, the texts will be published in final form and enter into force (i.e. expected in Q3 of 2026).

In parallel, the European Securities and Markets Authority (ESMA) launched a consultation on February 19, 2026, proposing amendments to the MAR Guidelines on delay of disclosure. The consultation closed on April 29, 2026. ESMA will now finalize the MAR Guidelines for publication. The new MAR disclosure regime is set to enter into application on June 5, 2026. A final report containing a summary of all consultation responses and a final version of the MAR Guidelines is expected to be published in Q4 2026.

The European Court of Justice also issued two significant rulings on the concept of inside information: Finansinspektionen v. Carnegie Investment Bank AB (C 363/24) on March 19, 2026 and Brännelius (C-229/24) on April 16, 2026.

The two European Court of Justice (ECJ) rulings have clarified key aspects of what constitutes “precise” inside information and when inside information ceases to be non-public. In particular, the court confirmed the following:

• Notification that a person has been placed on an insider list does not per se constitute inside information but may qualify as such where additional contextual elements are present.
• Disclosure to a limited circle of recipients, or mere availability of information on request under national law, does not satisfy the MAR standard of public disclosure under Article 17 MAR and Implementing Regulation 2016/1055.

Action points

Issuers should take the following steps:

• Review and update inside information disclosure procedures on delay of disclosures. In particular, check the annexes in the Delegated Regulation on disclosure of inside information to ensure that existing procedures are still in line with the new rules.
• If not done previously, update Persons Discharging Managerial Responsibilities (PDMR) trading policies to reflect the extension of the closed-period trading exemptions under Article 19(12) MAR for financial instruments other than shares.
• Monitor the final MAR Guidelines expected from ESMA in Q4 2026, and plan any further procedural adjustments accordingly.
• Assess the implications of the ECJ rulings for insider list management and information-sharing practices, in particular the threshold for “precise” information and the standard for public disclosure.

Key links:

• EU Listing Act—Regulation (EU) 2024/2809
• Delegated Regulation on disclosure in protracted processes (April 8, 2026)
• Delegated Regulation on permission for trading and market manipulation indicators (April 8, 2026)
• Consultation on MAR Guidelines on delay in the disclosure of inside information
• ECJ Judgement in C-363/24 (Carnegie)
• ECJ Judgment in C-229/24 (Brännelius)