Recital 1

(1)The non-exhaustive list of final events or final circumstances in protracted processes referred to in Article 17(12), point (a), of Regulation (EU) No 596/2014 should facilitate the identification of the moment when disclosure of inside information is required pursuant to Article 17(1) of that Regulation. It follows that such list should be as extensive as possible, by including the protracted processes that are most common to issuers. A protracted process involves a series of actions, steps, or decisions spread in time which need to be performed, at least in part, by an issuer, to achieve an intended objective or result.