Esma: Release dividend info earlier
Monday 9 January 2012 - by Andrew.Hickley@gfsnews.com
The European Securities and Markets Authority argues that details of likely dividend payments should be considered insider information if it is likely to have a noteworthy effect on the issuer's shares.
"A number of episodes of late or incomplete disclosure of the full details of dividend payment announcements that may have caused undue effects on equity derivatives prices have recently come to Esma's attention," the authority's document says.
"Esma reminds issuers that they should consider any relevant information related to dividend payments and policies as insider information, should this information be likely to have a significant effect on the prices of either the issuer's shares or related derivatives or both."
The Frankfurt-based authority highlights that provisional and final amounts, any changes to previously announced information and alterations to traditional dividend payment patterns should all be released.
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