CopiedWhat is “Inside Information”?

Inside information is defined as “information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more issuers or to one or more financial instruments, and which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments or the price of related derivative financial instruments” (MAR Art. 7).

Assessing Inside Information Copied

Information will likely have a significant price impact if a “reasonable investor” uses it as part of their investment decision. In assessing what may constitute inside information, the following factors may be considered:

• The expected extent or significance of the decision or event concerning the entire issuer’s business.
• The importance of the new information concerning the factors determining the pricing of the financial instruments.
• Other factors that could affect the price of financial instruments.

Examples of Inside Information Copied

The following may include inside information:

• Acquisitions or divestures.
• Initiation of, termination, or decisions taken in connection with disputes.
• Authority decisions.
• Research results, events related to product development or inventions.
• Significant deviations concerning expected financial development (profit warning).
• Financial information stating that the issuer has financial difficulties.
• Information related to subsidiary or associated companies.
• Shareholder agreements that the issuer is aware of and which may affect the transferability of the issuer’s financial instruments.
• Credit or customer losses.
• Information about joint ventures.
• Price or currency fluctuations.

Ensure PDMR compliance with ease—book a demo now and explore the solutions Logwise offers.