IOSCO refreshes its guidance on secondary market disclosure
The International Organization of Securities Commissions (IOSCO) on 8 June published its final report setting out Recommendations for Secondary Market Disclosure, designed to help regulators review and update their frameworks for the ongoing disclosures companies make once their securities are admitted to trading.
The Recommendations introduce no new binding requirements, instead consolidating and modernising existing IOSCO guidance in support of consistent application of Principle 16 – full, accurate and timely disclosure of information material to investors’ decisions. The guidance is structured around three areas: disclosure principles, including materiality, timing, frequency and access to information; the content of both periodic and event-driven disclosures; and the governance and internal controls that underpin accurate, timely and reliable reporting.
While the report is technology-neutral, its emphasis on timely, reliable and accessible information for investors makes the case for structured, machine-readable disclosure, as it is difficult to deliver accessible information at scale any other way.
Read more here.
