The Quiet Period in European Capital Markets

Summary

The quiet period remains one of the most misunderstood  -and inconsistently applied- concepts in European investor relations.

While often treated as a blanket communication freeze, Serge Enneman makes the case for the quiet period is to be treated as a risk management framework. Though grounded in the EU Market Abuse Regulation (MAR), its purpose is simple: prevent selective disclosure of inside information ahead of financial reporting.

But, in practice, many issuers:

• Over-restrict communication, losing narrative control
• Underestimate disclosure risk in informal settings
• Fail to prepare structured messaging before entering the period

The result is a paradox: at the exact moment investor attention peaks, companies often become least effective in communicating.

The presentation below outlines what the quiet period actually is, the key challenges it creates, and how leading IR teams proactively manage it—before concluding with how structured, pre-approved video communication can materially improve outcomes.