In today’s fast-paced financial world, managing insider lists has become a critical aspect of ensuring compliance with the Market Abuse Regulation (MAR). The manual process of managing insider lists can be time-consuming, prone to human error, and challenging to maintain. This is where an automated solution like Logwise comes into play. In this post, we will explore the advantages of using an automated solution for insider list management.
Table of Contents
1. Introduction to Insider List Management
Insider list management is a crucial aspect of ensuring compliance with the Market Abuse Regulation (MAR). Companies are required to maintain accurate and up-to-date records of individuals who have access to inside information, which can be a complex and time-consuming process. Failure to properly manage insider lists can result in significant penalties and reputational damage for companies.
2. The Challenges of Manual Insider List Management
Managing insider lists manually can be a daunting task, as it involves tracking and collecting data related to inside information and the individuals possessing it. This process is often carried out using spreadsheets, which can be prone to human error and difficult to maintain. Additionally, manual management of insider lists can result in IT security issues, confidentiality concerns, and difficulties in documenting information with timezone-independent timestamps.
Moreover, when companies are investigated or audited by regulatory authorities they may struggle to provide the required information, including showing the correct communication of insider obligations to relevant parties and individuals. Manual searches, such as through email, are time-consuming and prone to human error, unlike using an automated solution like Logwise where all your lists, their documentation and the essential regulatory communication is found in one place.
3. The Logwise Solution: Automating Insider List Management
Logwise provides a market-leading compliance solution for managing insider lists, streamlining the process and ensuring compliance with MAR. The web-based platform embeds relevant regulatory requirements directly into the system, translating duties into simple terms and providing automated guides. While we cannot automatically identify who has access to inside information or when it is made public our automated workflows save time and help ensure MAR compliance for corporate administrators, it consists of amongst other things:
-Insider profiles containing contact information, enabling you to simply click on a person’s name and have them added to a list along with an automatically sent insider notification with e-signature confirmation of understanding their obligations
-Insider profiles containing contact information, enabling you to simply click on a person’s name and have them added to a list along with an automatically sent insider notification with online confirmation of understanding their obligations
-A guided insider list creation process, with a workflow that helps you collect all the required information for complete regulatory documentation to ensure compliance through the system
-Use your own legal templates for documentation and Insider notifications if you don’t wish to use Logwise’s pre built templates
-Insider groups, for easy inclusion of multiple people on a list at the same time
-Access to a complete audit trail for each list
-Generate MAR article 17 notifications to be sent to your financial authority
-Instant export of data when you get a request from the authorities or your own auditor
4. Key Benefits of Automating Insider List Management
By automating the process of managing insider lists, Logwise streamlines the workflow and eliminates bottlenecks, allowing companies to work with inside information confidently and efficiently. This increased efficiency allows companies to focus on their core business activities, rather than spending valuable time and resources on manual insider list management and regulatory uncertainty.
Reduced Risk of Human Error
Manual management of insider lists is more prone to human error, which can result in non-compliance and potential penalties. Logwise’s automated solution reduces the risk of human error by guiding users through the complex processes involved in tracking and collecting data related to inside information and the individuals possessing it.
Logwise ensures compliance with MAR by providing a comprehensive and user-friendly solution for managing insider lists. The platform offers a range of features designed to help companies meet their regulatory obligations within all areas of MAR, including insider list management, market sounding/wall-crossing, PDMR/IAS 24 management, and corporate policy management.
Logwise offers a secure and reliable solution for managing insider lists, ensuring that confidential information is protected and only accessible by authorised individuals. We are Cyber Essentials Plus certified, providing an additional layer of trust for companies using the service though having this annual independent security audit performed.
Seamless Integration and Customization
Logwise integrates with Microsoft Entra ID and Google Identity for user authentication , custom data imports and system integration can be offered, providing a seamless transition for companies adopting the solution. The platform also offers a range of customization options, allowing companies to tailor the solution to their specific needs and requirements.
Automating insider list management with a solution like Logwise offers numerous benefits, including increased efficiency, reduced risk of human error, and improved compliance with MAR. By streamlining the process and providing a user-friendly platform, Logwise helps companies focus on their core business activities while ensuring that they meet their regulatory obligations. With our comprehensive features and seamless integration, Logwise is an invaluable tool for companies looking to enhance their insider list management processes and stay compliant with MAR.