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ESMA Update: How Should Issuers Manage Market Consensus During Pre-Close Calls?
Pre-close calls are regularly conducted before financial results, during which issuers engage with analysts to help form a realistic market consensus, but under the Market Abuse Regulation (MAR), it is crucial that these discussions do not disclose inside information.
However, in recent years, it has been suggested that in some cases, where there was share price volatility during pre-close calls, analysts on the call may have, intentionally or not, been given access to inside information.
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