Mikołaj Górny’s article on new regulations for issuers for the “Rzeczpospolita” daily

Insider Information Under Control: How to Properly Apply the New Regulations for Issuers?

On July 19, 2026, Delegated Regulation RTS 2026/789 entered into force, representing one of the key developments resulting from the changes introduced by the Listing Act. The new regulations clarify the rules for disclosing insider information in protracted processes and refine the conditions for delaying the publication of inside information.

When exactly does the obligation to inform the market about a given event arise, and when is information regarding an intermediate step not required to be disclosed immediately?

In the latest article published in the “Rzeczpospolita” daily, this topic is thoroughly analyzed by Mikołaj Górny – Lawyer in the Capital Markets Law Department at Sadkowski and Partners.

The publication addresses key practical issues, including:

• how the shift in focus works regarding the disclosure of information concerning intermediate steps in protracted processes,
• how to correctly determine the moment a process ends and the final event occurs,
• the difference between the moment insider information arises and the moment the obligation to publish it is triggered,
• how to use the annexes to the RTS as a practical roadmap for issuers (e.g., during contract negotiations or reorganizations),
• what new rules for assessing contradictions with prior public communication affect the ability to delay the publication of inside information,
• why evaluating the option to delay disclosure must take into account the issuer’s complete communication activity, including social media and interviews.

It is worth remembering that while the new regulations facilitate legal assessments, they do not exempt issuers from the obligation to perform an individual analysis of each case to ensure compliance with MAR requirements.

We invite you to read the full article: link