markdownabstract__Key points__ • Article 17 MAR sets out the legal framework with respect to the disclosure of inside information. Article 17(1) MAR contains the primary duty to disclose inside information and stipulates that the issuer must disclose inside information that directly concerns that issuer. Article 17(4) MAR grants the issuer the possibility to delay the disclosure of inside information if three cumulative conditions are met; once one or more conditions are no longer met, the primary duty revives. • In addition to the primary duty, two separate duties to disclose have been included in Article 17 MAR: i) Article 17(8) MAR stipulates that the issuer must make complete and public disclosure of inside information that is disclosed to selected parties and ii) if the issuer had opted to delay the disclosure of inside information, Article 17(7) MAR stipulates that the issuer must make complete and public disclosure of that information if it has lost its confidential nature. • One could raise doubts over the necessity and function of Paragraphs 8 and 7 of Article 17 MAR. However, in this Paper we defend the independent status of these Paragraphs. If the inside information has lost its non-public nature, the duty to disclose that information can no longer be based on Article 17(1) MAR. Paragraphs 8 and 7 of Article 17 MAR contribute to legal certainty and to achieving the goals of the MAR.

中文翻译：

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《市场滥用条例》第十七条第一款、第四款、第七款和第八款之间的微妙关系

markdownabstract__要点__ • MAR 第 17 条规定了有关内幕信息披露的法律框架。MAR 第 17(1) 条包含披露内幕信息的主要义务，并规定发行人必须披露与发行人直接相关的内幕信息。MAR 第 17(4) 条赋予发行人在满足三个累积条件的情况下延迟披露内幕信息的可能性；一旦不再满足一个或多个条件，主要职责就会恢复。• 除主要义务外，MAR 17 条款还包括两项单独的披露义务：i) MAR 第 17(8) 条规定发行人必须完整和公开披露向选定方披露的内幕信息，以及 ii ) 如发行人选择延迟披露内幕消息，MAR 第 17(7) 条规定，如果该信息失去保密性，发行人必须完整和公开披露该信息。• 人们可能会对MAR 17 第8 款和第7 款的必要性和功能产生怀疑。然而，在本文中，我们捍卫这些段落的独立地位。如果内幕信息已失去其非公开性质，则披露该信息的义务不再基于 MAR 第 17(1) 条。MAR 第 17 条第 8 款和第 7 款有助于法律确定性和实现 MAR 的目标。在本文中，我们捍卫这些段落的独立地位。如果内幕信息已失去其非公开性质，则披露该信息的义务不再基于 MAR 第 17(1) 条。MAR 第 17 条第 8 款和第 7 款有助于法律确定性和实现 MAR 的目标。在本文中，我们捍卫这些段落的独立地位。如果内幕信息已失去其非公开性质，则披露该信息的义务不再基于 MAR 第 17(1) 条。MAR 第 17 条第 8 款和第 7 款有助于法律确定性和实现 MAR 的目标。