MAR states that persons with inside information acting on the issuer’s behalf or the issuer’s account must keep their own insider list.

Different kind of insider lists

There are several different types of insider lists. “Regular Insider Lists” those that a publicly traded company or bond issuer is required to keep. If the company decides to delegate the maintenance to another person e.g. a company secretary or certified adviser. Such persons own the “Delegated Insider list”. However the responsibility still lies with the company that the list is compliant. When a person such as accountants, lawyers, rating agencies receives inside information. They in turn have a responsibility to draw up and maintain their own “Subsidiary insider list”.

  • Insider lists – kept and maintained by the issuer.
  • Delegated insider list – maintained by another person acting on the behalf of the issuer.
  • Subsidiary insider list – Persons with inside information acting on behalf of the issuer, outside the company, are personally responsible for keeping their own insider list.

“It is clear that there is a simultaneous obligation to keep a list for both issuer and all such persons acting on behalf or account of the issuer that have access to inside information relating to the issuer.”

When to create a Sub insider list

If you are acting on behalf of the publicly traded company or bond issuer. Such as accountants, lawyers, rating agencies etc. Then you need to set up your own subsidiary insider list.

How does the NCA see that I have my own subsidiary insider list?

The issuer creates an insider list. Upon disclosure the national competent authority (NCA) will be notified that there has been inside information.

After that the NCA can request that the issuer give out the details regarding the insider list. In the insider list there will be a note regarding each person that has been asked to draw up and maintain their respective subsidiary insider list. Exactly how the note is formed differs dependent on the different NCA.

Go to our subsidiary insider list overview and find out more >>