Disclosure includes periodic reporting—annual and interim—and notices of material facts: general meeting decisions, dividends, major transactions, changes in management bodies, and reorganization.
This requirement ensures equal access for market participants to information that could affect prices. This is why disclosure is the counterpart to the prohibition on insider trading: information ceases to be insider information upon publication.
Information is published on official disclosure platforms rather than in the press, and appears there before any news reports. This makes the official source primary for investors: media coverage appears later and with interpretation.
The practical value of disclosure lies not only in its content but also in its regularity. Publication delays, incomplete information, or lack of explanations for material changes serve as an independent signal of corporate governance quality, discernible before financial analysis.