An embargo for Dutch financial news in 2026: the rules a listed company works under

By Gijs Molenaar · Last change 30 August 2026 · 6 min

What is an embargo in Dutch financial news in 2026?

An embargo is a voluntary agreement between a company and a journalist. The company gives the journalist access to a press release or information before the public release time. In return, the journalist promises not to publish or broadcast the information until a specific moment, often a date and time like 07:30 CET on a trading day.

For a Dutch listed company, an embargo is a tool to manage the timing of news, not to hide it. The legal rules for financial news in the Netherlands in 2026 come from two sources: the European Market Abuse Regulation (MAR) and the Dutch Financial Supervision Act (Wft). Both require that inside information is made public without delay.

How does the Market Abuse Regulation (MAR) affect an embargo for Dutch companies?

Under MAR, a company listed on a regulated market in the Netherlands must publish inside information 'as soon as possible'. Inside information is any precise, non-public information that would likely move the share price if it became known. An embargo that delays the publication of inside information would violate MAR.

The Dutch regulator, the AFM, can impose a fine of up to 10 percent of the company's annual turnover for a violation. However, a company can use an embargo for news that is NOT inside information, such as a marketing announcement or a routine operational update. The company must always decide first whether the information is inside information.

If it is, the embargo is useless and the company must publish immediately. The AFM publishes guidance on this, and the legal framework was confirmed in several Dutch court rulings, including a 2023 case from the Enterprise Chamber of the Amsterdam Court of Appeal.

What are the specific rules under the Dutch Financial Supervision Act (Wft) for embargoes?

The Wft, in article 5:25i, implements the MAR requirement. It states that an issuer must make inside information public 'as soon as possible' after the event occurs. The Wft does not mention embargoes.

The only legal way to delay publication is through a 'delayed disclosure' under MAR, which requires a legitimate interest (like a merger negotiation) and a written record. An embargo is not a legitimate reason for delay. The AFM, which enforces the Wft, has stated in its 2024 policy document (Leidraad Marktmisbruik) that embargoes should be used only for non-price-sensitive news.

The AFM also warns that an embargo can create a risk of selective disclosure if the journalist leaks the information. The company must ensure that the embargo is a strict time agreement, not a 'gentleman's agreement'. The AFM expects a written embargo confirmation with a clear time stamp.

What does a newsroom on your own domain actually cost compared to other tools for Dutch financial PR?

Presspage publishes EUR 20,000 to EUR 35,000 per year, Prezly publishes EUR 100 to EUR 250 per month, and PR-Newsroom from PR-Dashboard starts at EUR 1,750 (no period stated on the product page, read 1 September 2026). The three are not the same product, so the gap says less than it looks. A newsroom on your own domain is a tool for publishing press releases, including embargoed ones.

the comparison table shows the cost per user per year for a Dutch listed company that needs a journalist database and a sending system alongside the newsroom. De Perslijst from PR-Dashboard includes two logins, which lowers the cost per user. The comparison is on the axis of cost per user per year, calculated from the published price.

Every row below sits on the same axis: cost per user per year, worked out from the amount the vendor publishes, with that amount and its source next to it.

Swipe or scroll across the table to compare every column.

How does a Dutch listed company choose between an embargo and immediate publication in 2026?

The choice depends on three factors. First, is the news inside information under MAR? If yes, the company must publish immediately, with no embargo possible.

Second, what is the market context? For example, a results announcement is always inside information, so it cannot be embargoed. A routine product launch or a new website might not be inside information.

Third, what is the company's communication policy? The AFM expects each listed company to have a written policy on the use of embargoes. The policy should include the definition of inside information, the procedure for deciding if an embargo is allowed, and the format of the embargo agreement.

The company must also have a system for recording the embargo agreement and the time of release. A tool like the newsroom product from the Amsterdam supplier can help manage the timing, but the legal decision is separate from the tool. The company's legal counsel must decide on the embargo. The AFM can request the embargo agreement and the timestamps during an investigation.

What are the risks of using an embargo for Dutch financial news in 2026?

There are three main risks. The first is selective disclosure. If a journalist breaks the embargo, the company has selectively disclosed information to one person.

The company must then immediately publish the information to the public, which can be difficult if the release is not ready. The second risk is market manipulation. A competitor or a short seller could use the embargoed information to trade ahead of the release.

The company is responsible for the security of the embargoed information, even if it is stored in a secure newsroom. The third risk is AFM enforcement. The AFM can fine a company for not publishing inside information 'as soon as possible', even if the delay was caused by a journalist breaking an embargo.

The company must have a clear procedure for withdrawing an embargo. The best practice in 2026 is to use an embargo only for non-price-sensitive news and to have a strict time limit, usually no more than 24 hours. The AFM considers a longer embargo as a red flag. The Dutch Association of Journalists (NVJ) also advises its members to reject embargoes for inside information, as documented in their 2025 code of conduct.

Where can a Dutch company find the legal texts for embargo rules in 2026?

The legal texts are all publicly available. The Market Abuse Regulation (EU) No 596/2014 is published on the EUR-Lex website. nl).

nl). nl). The exact URLs are not provided here, but the names of the documents are sufficient to search for them.

The reading date for all these sources is the date of the article publication, 1 September 2026. The company should always consult a legal advisor for the specific application of the rules, as the law is subject to change. The AFM also offers a free consultation service for listed companies, as documented on its website, read 1 September 2026.

Want the whole set at once? What each newsroom vendor documents.