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

Which are the different types of insider lists?

(1) Insider lists; are kept by the issuers themselves (e.g. the companies issuing instruments on trading venues).
(2) Delegated insider lists; are kept by persons acting on behalf or account of the issuer, assuming the task of drawing up and updating the insider list (e.g. an external company secretary or certified adviser), whereby the issuers remain fully responsible for the MAR compliance concerning keeping such insider lists.
(3) Subsidiary insider lists (“sublists”); are also kept by persons acting on behalf or account of the issuer, but who are performing tasks through which they have access to inside information (e.g. advisers, lawyers, accountants or rating agencies), which entail personal responsibility keeping the sublist to be kept in addition to the issuer’s own insider list.

When should a sublist be created?

How does the supervisory authority control that a sublist is kept?

(1) The issuer creates an insider list.
(2) Upon disclosure, the so called National Competent Authority (NCA) – i.e. the financial supervisory authority, plainly speaking – will be notified that there has been inside information.
(3) Thereafter, 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 a sublist. Exactly how such note is designed differs slightly between each respective NCA in the different EU jurisdictions.

Learn more about subsidiary insider lists