Public disclosure of inside information and the delay of disclosure (MiCA)

Provisions of the MiCA Regulation concerning the disclosure of inside information apply to issuers or offerors of crypto-assets admitted to trading in the European Union area (or assets for which a request for admission to trading has been made) as well as persons seeking admission to trading.

Inside information refers to precise information which has not been made public, relating, directly or indirectly, to one or more issuers or offerors of crypto-assets or persons seeking admission to trading, or to one or more crypto-assets, and which, if it were made public, would likely have a significant effect on the prices of those crypto-assets or on the price of a related crypto-asset.

Issuers, offerors and persons seeking admission to trading must disclose inside information as soon as possible. However, issuers, offerors and persons seeking admission to trading may, on their own responsibility, delay the disclosure of inside information referred provided that all of the following conditions are met:

• immediate disclosure is likely to prejudice the legitimate interests of the issuers, offerors or persons seeking admission to trading,
• delayed disclosure is not likely to mislead the public, and
• the issuers, offerors or persons seeking admission to trading are able to ensure the confidentiality of that information.

How to notify of a delayed disclosure of inside information

• Notify the FIN-FSA that disclosure of inside information was delayed, immediately after the information is disclosed to the public
• The notification of a delayed disclosure of inside information must be reported to the FIN-FSA by sending it via secure email to the address markkinat(at)finanssivalvonta.fi

In accordance with ESMA Final Report, dated 3 July 2024, the notification should contain the following information:

• Full name of the issuer, the offeror, or the person seeking admission to trading;
• Contact details of the person making the notification: (first name, surname, position within the issuer, offeror or person seeking admission to trading (if any) professional email address, phone number);
• Identification of the inside information that was subject to delayed disclosure (title of the disclosure statement; reference number (if available), date and time of the public disclosure of the inside information, and the date and time of the decision to delay the disclosure of inside information).

Secure email

For the purpose of assessing regulatory compliance, the FIN-FSA may, as necessary, request the issuer to submit an explanation of how the conditions for delay of disclosure were met and other details relating to the inside information subject to delayed disclosure (date and time when the inside information arose, initial estimate of the disclosure date, monitoring of the conditions set for the delay of disclosure, as well as details of persons responsible for the disclosure of inside information and the explanation to be given to the FIN-FSA).