Does the crisis, or its consequences, relate to price sensitive information?
Depending on the jurisdiction, an organisation may be obliged to make a regulatory announcement in respect of any information which, if made public, would be likely to affect the price of its listed shares or bonds or significantly affect investors’ decisions. This is often referred to as “price sensitive information” and in the EEA it is called “inside information”.
In some jurisdictions, organisations may, in certain circumstances, be able to delay the disclosure of inside information. However, these circumstances are often very limited and legal advice should be sought if necessary before deciding to delay disclosure to the market – in some jurisdictions, organisations are required to make a disclosure of inside information immediately and cannot delay the disclosure.
It is common practice for an organisation to discuss proposed inside information announcements and whether information is price sensitive with advisers. The appropriate advisers will depend upon the relevant jurisdiction, but may include investment bankers and legal advisers.
Further guidance on whether information is inside information may be found in the rules applicable to the relevant stock exchange or similar market.