What must an issuer ensure to maintain confidentiality under delay of disclosure rules?

To maintain confidentiality under delay of disclosure rules, an issuer must ensure that the recipient of sensitive information has a duty of confidentiality. This is critical because issuers often have access to insider information that could significantly impact securities prices if disclosed prematurely. By ensuring that third parties who receive this information are bound by a duty of confidentiality—whether through formal agreements or implicit expectations—the issuer protects itself from potential leaks that could result in legal ramifications or market manipulation.

This duty helps create a controlled environment where sensitive information can be shared under secure conditions, maintaining compliance with regulatory obligations while delaying public disclosure until it is appropriate. This careful management of confidential information is essential for maintaining trust and integrity in the financial markets.