CopiedChecklist – 7 Requirements To Comply with MAR

EU Regulation 596/2014, the Market Abuse Regulation (MAR), is a complex legal framework that demands substantial resources from the companies being regulated. Below is a condensed 7-bullet checklist covering some of the most important obligations to be fulfilled to ensure MAR compliance. This checklist is applicable whether your MAR processes are managed manually (e.g., through spreadsheets) or via a qualified service for more efficient handling.

1. Document Your Decisions on Inside Information Copied

Create a process for determining what constitutes inside information and how to document justifications for delaying disclosure.

2. All Versions Should Be Retrievable in a Digital Format Copied

Ensure you can manage the insider list digitally and that all versions are readily available upon request from the National Competent Authority (NCA).

3. Gather Personal Information Copied

Establish routines for collecting personal information of insiders to keep the insider list up to date.

4. Remind and Chase Insiders Copied

Develop methods to remind insiders who have not confirmed their obligations and document all confirmations to present to the NCA if required.

5. Handle Personal Data Correctly Copied

Ensure that all personal data collected for the insider list is treated with confidentiality, kept secure, and protected from undue disclosure.

6. Archive for 5 Years Copied

Archive the insider list in a digital format for 5 years, including all versions, justifications, and confirmations from insiders.

7. Maintain 2 Separate Lists Copied

In addition to the insider list, maintain an up-to-date list of Persons Discharging Managerial Responsibilities (PDMRs) and their Persons Closely Associated (PCAs).

What Happens if You Fail to Comply? Copied

In most cases, there will be no immediate consequences. NCAs do not constantly monitor all companies regulated under MAR, but they may investigate specific cases. During an investigation, an NCA would detect any inadequacies, assess the extent of the violation, and decide on appropriate sanctions. MAR sanctions are designed to act as a strict deterrent, and any sanctions imposed are made public to have further discouraging effects – see the MAR sanctions summary.

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Important Internet sources Copied

MAR contains the current legal obligations for management of the insider list and the list for PDMRs, as well as the applicable sanctions:
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32014R0596

ESMA MAR guidelines clarifies certain interpretations of MAR:
https://www.esma.europa.eu/document/mar-guidelines-delay-in-disclosure-inside-information