This article examines external attorneys’ outcome assessments in litigation and arbitration cases in light of the Market Abuse Regulation’s rules on inside information and its disclosure. The article concludes that outcome assessments will often fall outside the scope of “inside information”, but the opposite may also occur. In principle, the possibility to delay disclosure should be considered relatively broadly, but the possibility to delay disclosure has some natural limitations, which are particularly relevant when the outcome assessment differs from the issuer’s previous communication on the matter.
1. Indledning
Når et børsnoteret selskab er involveret i en rets- eller voldgiftssag af en vis størrelse eller væsentlighed, vil sagen have et liv i to verdener. Sagen vil have et indre liv inden for rammerne af rets- eller voldgiftssagen. Men sagen har også et ydre liv i form af det børsnoterede selskabs kommunikation til markedet om sagen, som typisk starter med en selskabsmeddelelse om indlevering af stævning eller klageskrift (eller endda inden), og som fortsætter, helt frem til sagen er a ...