Insider lists

The following Corporate practice note provides comprehensive and up to date legal information covering:

  • Insider lists
  • Background
  • Applicable law and regulation
  • The requirement to keep an insider list
  • Scope
  • Format of an insider list
  • Deal-specific section of insider list
  • Permanent insiders section of insider list
  • Electronic format of an insider list
  • Updating the insider list
  • More...

Insider lists

This Practice Note considers the obligation of an issuer with financial instruments admitted to trading on certain UK trading venues (or who has requested such admission to trading) to keep an insider list under the UK Market Abuse Regulation (Retained Regulation (EU) No 596/2014), to protect and control the dissemination of inside information. The obligation also extends to any person acting on the issuer’s behalf or on their account. Companies with securities admitted to trading on the Main Market of the London Stock Exchange and those with securities admitted to trading on AIM fall within scope of the insider list requirements. However, the requirements for AIM companies are slightly relaxed.

Background

The EU Market Abuse Regulation took effect across the EU on 3 July 2016. Its stated goal was to establish a common regulatory framework on insider dealing, the unlawful disclosure of inside information and market manipulation (all forms of market abuse) as well as measures to prevent market abuse to ensure the integrity of financial markets in the EU and to enhance investor protection and confidence in those markets.

At the end of the Brexit implementation period (11 pm UK time on 31 December 2020), the EU Market Abuse Regulation was onshored into UK law and amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019. Commission Implementing Regulation (EU) 2016/347 laying down implementing technical

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