Art. 88 Public disclosure of inside information | MiCA regulation | MiCA

1. Issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets;, offerorsmeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; and persons seeking admission to trading shall inform the public as soon as possible of inside information referred to in Article 87 that directly concerns them, in a manner that enables fast access as well as complete, correct and timely assessment of the information by the public. Issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets;, offerorsmeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; and persons seeking admission to trading shall not combine the disclosure of inside information to the public with the marketing of their activities. Issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets;, offerorsmeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; and persons seeking admission to trading shall post and maintain on their website, for a period of at least five years, all inside information that they are required to disclose publicly.
1. Issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets;, offerorsmeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; and persons seeking admission to trading may, on their own responsibility, delay disclosure to the public of inside information referred to in Article 87 provided that all of the following conditions are met:
  1. immediate disclosure is likely to prejudice the legitimate interests of the issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets;, offerorsmeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; or persons seeking admission to trading;
  2. delay of disclosure is not likely to mislead the public;
  3. issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets;, offerorsmeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; or persons seeking admission to trading are able to ensure the confidentiality of that information.
1. Where an issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;, offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; or a person seeking admission to trading has delayed the disclosure of inside information in accordance with paragraph 2, it shall inform the competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens; that disclosure of the information was delayed and shall provide a written explanation of how the conditions set out in paragraph 2 were met, immediately after the information is disclosed to the public. Alternatively, Member States may provide that a record of such an explanation is to be provided only upon the request of the competent authoritymeans one or more authorities:designated by each Member State in accordance with Article 93 concerning offerors, persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens, issuers of asset-referenced tokens, or crypto-asset service providers;designated by each Member State for the application of Directive 2009/110/EC concerning issuers of e-money tokens;.
1. In order to ensure uniform conditions of application of this Article, ESMA shall develop draft implementing technical standards to determine the technical means for:
  1. appropriate public disclosure of inside information as referred to in paragraph 1; and
  2. delaying the public disclosure of inside information as referred to in paragraphs 2 and 3.
2. ESMA shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 30 June 2024.
3. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.