Recital 7

(7)To enhance legal clarity for issuers that are credit institutions, the non-exhaustive list of final events or final circumstances in protracted processes should include protracted processes that are specific to the recovery and resolution of credit institutions. However, certain recovery and early intervention measures set out in Directive 2014/59/EU of the European Parliament and of the Council ² are not specific to the recovery and resolution of credit institutions but rather correspond to protracted processes that are common to all issuers. It follows that, for those common protracted processes, to identify when disclosure of inside information should take place, credit institutions should refer to the section of the non-exhaustive list covering protracted processes that relate to the business strategy of an issuer. For the same reason, the non-exhaustive list of final events or final circumstances in protracted processes should also include protracted processes relating to the preparation for resolution action with respect to insurance and reinsurance undertakings.