MAR: Delayed disclosure of inside information – emission allowance market participants

Delayed disclosure of inside information on specific conditions

According to the Market Abuse Regulation (MAR), emission allowance market participants shall disclose inside information concerning emission allowances which it holds in respect of its business. If specific conditions are met, emission allowance market participants may, on their own responsibility, delay such disclosure (see MAR Article 17 (4), cf. Commission Implementing Regulation (EU) 2016/1055 Article 4).

In the event of delayed disclosure of inside information, the participant shall notify Finanstilsynet of the delay immediately after the information is disclosed to the public. If requested by Finanstilsynet, the emission allowance market participant shall provide a written explanation of how the conditions for delayed disclosure were met (see MAR Article 17 (4), third subparagraph).

More information about the obligation to disclose inside information, information and documentation that must be stored and recorded on an ongoing basis, and the right to delay disclosure: 

• Disclosure and delayed disclosure of inside information (‘ongoing disclosure requirement’)

Notification to Finanstilsynet on delayed disclosure of inside information (KRT-1801)

Emission allowance market participants are obliged to notify Finanstilsynet that the disclosure has been delayed. The notification shall be sent immediately after the information is disclosed to the public (see MAR Article 17 (4) third subparagraph).

More information about who the obligations apply to can be found here:

• The disclosure obligation for emission allowance market participants

The notification of the delay shall contain the following information (see Commission Implementing Regulation (EU) 2016/1055 Article 4 (3)):

• the identity of the emission allowance market participant: full legal name
• the identity of the person making the notification: name, surname, position within the emission allowance market participant
• the contact details of the person making the notification: professional email address and work phone number
• identification of the publicly disclosed inside information that was subject to delayed disclosure.
• title of the disclosure statement
• the reference number where the system used to disseminate the inside information assigns one
• date and time of the public disclosure of the inside information
• date and time of the decision to delay the disclosure of inside information
• the identity of all persons responsible for the decision to delay the public disclosure of inside information. 

Electronic submission of written notification of delayed disclosure to Finanstilsynet

The notification of delayed disclosure shall be sent to Finanstilsynet using the Altinn form ‘KRT-1801’. For more information about electronic submission of the form, see Written notification (KRT-1801) and explanation of delayed disclosure of inside information. 

Explanation to Finanstilsynet of how the conditions for delayed disclosure were met

In addition to submitting the Altinn form ‘KRT-1801’ referred to above, emission allowance market participants shall submit a written explanation of how the conditions for the delay were met (see Section 3-2 of the Norwegian Securities Trading Regulation, cf. see MAR Article 17 (4) third subparagraph), if requested by Finanstilsynet.  

Supervisory authority

A notification of delayed disclosure, as well as any subsequent explanation, shall be sent to the supervisory authority in the member state where the emission allowance market participant is registered (see MAR Article 17 (3) and (4), cf. Commission Delegated Regulation (EU) 2016/522 Article 6 (3)). Finanstilsynet is the supervisory authority in Norway. For emission allowance market participants registered in Norway (in the Register of Business Enterprises), the notification shall thus be sent to Finanstilsynet.