What must be disclosed according to disclosure and transparency rules?

The requirement to disclose all price-sensitive information aligns with the principles of transparency and fairness in the financial markets. Price-sensitive information is defined as any information that could significantly influence an investor’s decision to buy or sell a company’s securities. By disclosing all such information, companies uphold their obligation to provide equal access to significant news that could impact share prices, thereby supporting market integrity.

This approach ensures that all investors have the same information, reducing the risks of insider trading and fostering a level playing field. Transparency in financial communications enhances trust in the market, which is essential for its proper functioning.

The other options fall short of this comprehensive requirement. Limiting disclosure to only positive information, for example, could mislead investors by not providing a complete picture of a company’s performance. Similarly, disclosing information only when deemed necessary or selectively providing financial metrics upon request does not fulfill the broader obligation to maintain transparency and could affect market confidence negatively.