Companies should not share market-sensitive information with external analysts ahead of financial statements, the European Union’s securities watchdog said, in its first such warning, following cases of share volatility linked to such disclosures.
“ESMA considers that ‘pre-close calls’ carry inherent risks of inadvertent unlawful disclosure of inside information increased by the lack of publicity of these events and the absence of records of what was presented,” the regulator said in a statement. Piebe Teeboom, secretary general of the FIA EPTA, which represents principal trading firms, said the watchdog’s statement follows several “eye-turning episodes” suggesting leakage of price-sensitive information.
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