Top 7 Key Requirements for MAR Insider Lists
Maintaining insider lists is a crucial requirement for public companies to manage and control the flow of sensitive, non-public information. Below are the top seven key requirements for creating and managing insider lists in terms of the EU and UK Market Abuse Regulations (MAR):
- 1
An issuer (or anybody operating on their behalf or for their account) must compile a list of all insiders who work for them under contract or otherwise have access to inside information (such as lawyers, accountants, investment banks, or other advisers).
- 2
Insider lists must include all content specified by MAR (Article 18(3)) and be drawn up using the prescribed template (MAR, Article 2(3)).
- 3
Insider lists must have deal-specific or event-based sections and can also have an optional permanent insider section (Article 2, Implementing Regulation).
- 4
Issuers must take all reasonable steps to ensure insiders acknowledge their duties in writing (MAR 18(2)).
- 5
Insider lists must be maintained in electronic form (Article 2(3), Implementing Regulation) and updated immediately (including when the basis for adding a person changes) (Article 18(4), MAR).
- 6
An issuer must promptly disclose an insider list to the relevant National Competent Authority upon request (MAR 18(1)c).
- 7
Insider lists must be kept for at least five years after they are created or amended (Article 18(5), MAR).
