Automated Wall-Crossing: Improving Compliance and Efficiency

Automated Wall-Crossing: Improving Compliance and Efficiency

Wall-crossing is a crucial aspect of finance, particularly in the investment banking industry. “Wall-crossing” in the context of MAR basically refers to conducting a market sounding involving disclosure of inside information to […]

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A deep dive in the market soundings safe harbour

A deep dive in the market soundings safe harbour

The MAR Art. 11 (Market Soundings Regime) stipulates certain procedures that are to be followed – and in exchange, relevant involved parties navigating through those procedures reaches the protective “safe harbour” – […]

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MAR “persons closely associated” vs IAS 24 “related parties” – definitions and differences

MAR “persons closely associated” vs IAS 24 “related parties” – definitions and differences

MAR stipulates a general requirement to keep lists concerning insiders, whereas there is no similar requirement for lists under IAS 24. Even so, certain EU countries, e.g. Finland, have already installed certain […]

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ESMA amended guidelines on delayed disclosure entail limited changes

ESMA amended guidelines on delayed disclosure entail limited changes

ESMA published a final report 5 January 2022 concerning delayed disclosure underMAR. The translated guidelines were published 13 April 2022. Each respective EUnational competent authority thereafter has 2 months to comply and/or […]

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Stricter MAR inside information regulations enforcement and the importance of acting “immediately” and “as soon as possible”

Stricter MAR inside information regulations enforcement and the importance of acting “immediately” and “as soon as possible”

Logwise has continuously assessed that interpretation and enforcement of MAR inside information regulations would subsequently become stricter, following its original 2016 and 2017 implementation measures. These predictions have again been vindicated. The […]

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Overuse of insider lists requirements  relating to market soundings

Overuse of insider lists requirements relating to market soundings

As MAR recently passed its 5th anniversary, market participants across EU continue to adapt their processes and policies to ensure they are aligned with the requirements and follow best practice. ESMA and […]

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ESMA Market Abuse Regulation (MAR) guidelines amendments consultation

ESMA Market Abuse Regulation (MAR) guidelines amendments consultation

On 15 July 2021, ESMA published its consultation paper primarily proposing additions to its guidelines list regarding delayed disclosure of inside information. Issuers can delay disclosure when: (i) immediate disclosure is likely […]

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The ESMA MAR Review final report, Sep 2020 – Insider lists and market soundings takeaways

The ESMA MAR Review final report, Sep 2020 – Insider lists and market soundings takeaways

This 23 September 2020 ESMA MAR final report follows up on the ESMA 3 October 2019 Consultation Paper MAR review report. Logwise provides below the key takeaways from the final report concerning […]

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Legal entities as “persons closely associated” under MAR

Legal entities as “persons closely associated” under MAR

The issuer, its “persons discharging managerial responsibilities” (“PDMRs”) and their “persons closely associated” (“PCAs”) all have certain important obligations under MAR. A central obligation is naturally for the issuer to draw up […]

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Guide to permanent insiders and persons discharging managerial responsibilities

Guide to permanent insiders and persons discharging managerial responsibilities

At Logwise, we often receive questions from companies that use our logbook service for insiders and persons discharging managerial responsibilities (PDMRs) to meet the MAR requirements. A recurrent question is: What is […]

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Insider lists - 6 situations when you are allowed to delay disclosure of inside information

Insider lists – 6 situations when you are allowed to delay disclosure of inside information

When to create an insider list? What are the requirements. When am I allowed to delay disclosure of inside information? You may delay disclosure if all the following conditions are met:

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Delayed disclosure of inside information concerning financial reporting

Delayed disclosure of inside information concerning financial reporting

The main rule in MAR is that inside information should be published as soon as possible (Article 17). However, a publication may be postponed if all of the following conditions are met […]

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