The new regulation clarifies the concepts of inside information and relevant information, gives greater flexibility to issuers as regards the dissemination of inside information and broadens the notifications of transactions carried out by their managers.
Businesses are increasingly influenced by changes, threats and opportunities in technological, regulatory, reputational and strategic spheres; mergers and acquisitions and other business decisions can have a transforming reach. The so called business judgment rule (“BJR”), in the terms and with the limitations described, sets out a standard of care of an orderly businessman, designed to give a certain degree of immunity to directors so they can take a reasonable amount of risk, a natural component of any business decision.