Rules on the Assurance of Confidentiality and the Procedure for the Disclosure of Inside Information
- Lithuania
- 09/02/2008
- Raidla Lejins & Norcous
On 17 July 2008, the Lithuanian Securities Commission approved the Rules on the Assurance of Confidentiality and the Procedure for the Disclosure of Inside Information. Upon the coming into effect of the Rules on 1 September 2008, the currently effective Rules on the Disclosure of the Material Events of Issuers shall be repealed. The approved Rules have been drawn up having regard to the Guidelines of the Committee of European Securities Regulators of July 2007 on the application of Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse). The Rules provides for a definition of inside information; the model lists of inside information, directly or indirectly related to the issuer or the financial instruments issued thereby, provides for the procedure for the disclosure of the inside information; identifies the persons entitled to access the inside information, and the data to be provided by such persons, as well as the procedure for the submission of such information to the Securities Commission. With a view to ensuring the unanimous interpretation and the application of the relevant legal acts and having considered the comments and the inquiries in respect of the draft Rules on the Assurance of Confidentiality and the Procedure for the Disclosure of Inside Information the Securities Commission in its meeting approved the Guidelines on the implementation of the Rules containing exhaustive explanations of the principal provisions of the Rules.
