Confidential Lists
Confidential lists, also known as shadow lists or grey lists, are used for projects where confidential information exist but have not yet been classified as inside information.
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When to use confidential lists
There are grey zones as to when strictly confidential information becomes inside information as defined by MAR. Whether there are high-level M&A discussions, early stages in new product developments, or other confidential projects, you may want to take precautions to ensure confidentiality. By using a confidential list, members of the list are made aware that the information is confidential and that they should adhere to any restrictions in who they can discuss it with.
What are the benefits?
Confidential lists are not within the scope of MAR but aids the planning process should the information become inside information. In such a case, simply convert the list into an insider list and ensure each insider confirm their obligations and updates their personal information. Using a digitized process means no copying of information from emails or spreadsheets that may lead to errors and take time.
