On Sep 22, 2026, Nacon published an update on its court proceedings that included a sentence about the law. The release says that any information which may qualify as inside information under Regulation (EU) No 596/2014, and which Nacon had given in confidence to its financial creditors and stakeholders, had been published, either earlier or with that release, to restore equal access among investors. The regulation is the EU’s market abuse regulation, MAR. At the AMF, France’s markets regulator, the release is filed under the same label as Nacon’s Oct 2 announcement of a PlayStation 5 controller. The label is “Informations privilégiées”, which translates as inside information.
MAR’s Article 7 defines inside information as information of a precise nature that has not been made public and that, if it were made public, would be likely to have a significant effect on the price of an issuer’s financial instruments. Information is precise when it points to circumstances or an event that exists, has occurred or may reasonably be expected to occur. The effect counts as significant when a reasonable investor would be likely to use the information as part of the basis of an investment decision. An intermediate step in a long process is inside information if it meets that test by itself.
Two duties follow. Nobody holding inside information may use it to trade, and Articles 8 and 14 define and ban that insider dealing. An issuer must also publish the information. Under Article 17(1), a company informs the public as soon as possible of inside information that directly concerns it, in a way that gives fast access and allows a complete, correct and timely assessment. It may not combine the disclosure with marketing of its activities. It posts the information on its own website and keeps it there for at least five years.
Delay is allowed on the company’s own responsibility, under Article 17(4), when three conditions hold. Immediate disclosure would likely prejudice its legitimate interests, the delay does not contradict its latest public announcement on the same matter, and it can keep the information confidential. After it discloses, the company tells its competent authority that it delayed and explains in writing how the conditions were met, or only on request where the member state allows that. If confidentiality is lost, the company discloses as soon as possible. Information given to a third party in the normal course of duties must also be made public, at the same time if the disclosure was intended and promptly if not, unless the recipient owes a duty of confidentiality.
The second condition changed on Jun 5, 2026. Before that date a delay could not be likely to mislead the public. The same date brought a change for processes that run in stages. FIN-FSA says that in a protracted process the duty to disclose now applies in principle only to the final circumstances or final event. Intermediate steps can still be inside information, the trading ban still covers them, and the company must keep them confidential.
In France, the AMF is where those disclosures are filed. Its page for issuers says every company must ensure that regulated information is disseminated fully and electronically. A company on a regulated market or on Euronext Growth is presumed to comply when it uses a professional distributor that follows the AMF’s rules. The distributor files the document with the AMF on the company’s behalf as it releases it. The AMF forwards it to a central archive that keeps it public for ten years, and the DILA publishes it on info-financiere.fr.
Each filing carries a type. The AMF’s guide says all inside information published under Article 17 must be filed under the inside information category. The category has sub-types, among them one for a results press release, one for annual revenue figures, one for issuer transactions and one for other releases. The guide’s own examples of issuer transactions are an acquisition, a disposal, a significant commercial contract and the launch of new products. It has the company and its distributor assign the type, and it asks them to be careful with it.
That explains what a reader finds. Under the same label in the AMF’s dataset are Ubisoft’s full-year earnings release of May 20, 2026, Nacon’s Feb 25 release that it had filed for insolvency, its Mar 3 release on the opening of its proceedings, and also Nacon’s Apr 30 save-the-date for its showcase and its Oct 2 controller announcement. ESMA’s guidelines on adjusted measures treat earnings releases the same way, as disclosures under Article 17. The label records how the company filed a document. It does not show that the document passed Article 7’s test.
To judge a release yourself, ask what the test asks. Is there something precise that was not already public? Would a reasonable investor use it? A launch date the market expected tells less than a financing agreement, a court decision or a postponed set of accounts. Compare each release with what the company said before it.
On this site, each company’s inside information of a day is one page, because the label alone would say nothing. The page is labelled with the company’s name, the AMF’s label and the release’s own title in quotation marks, and it lists the titles, dates and links of the documents and nothing from their text.