RE: But but but…31 Mar 2026 12:45
Some stuff around confidentiality that is important to understand not feel it provides cover for great news and covers up someone’s bad reads.
Yes, under market regulation rules (such as the UK Market Abuse Regulation, or MAR), the obligation to disclose price-sensitive information (inside information) to the market generally takes precedence over the need for confidentiality.
Financial Conduct Authority | FCA
The overriding principle is to ensure all investors have access to the same information simultaneously to prevent market abuse and insider trading.
Financial Conduct Authority | FCA
Key Principles of Price-Sensitive Disclosure vs. Confidentiality:
Prompt Disclosure Mandatory: Inside information must be released to the market "as soon as possible".
Confidentiality is a Temporary Exception: A company can delay disclosure only to protect its legitimate interests (e.g., ongoing negotiations), provided it can keep the information strictly confidential.
Leak = Instant Disclosure: If confidentiality is lost, or if there is a rumor circulating that suggests a breach of confidence, the information must be disclosed immediately, even if it is during market hours.
No Selective Disclosure: Price-sensitive information cannot be shared selectively (e.g., to journalists or selective analysts) and must be announced to the public first.
Pinsent Masons
While maintaining confidentiality is important for business strategy, it cannot be used to keep the market in the dark once information has become "specific" and is likely to affect the company's share price.
So understanding they cannot keep price sensitive information “confidential “ from the market once negotiations are completed is key to understanding what has transpired ..there is no more to it than disclosed and small print. End of.
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