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 (Assimilated 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.
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Insider list definition
What does Insider list mean?
A list which must be drawn up and maintained by an issuer (and any person acting on their behalf or on their account) of all persons who have access to inside information and who are working for them under a contract of employment, or otherwise performing tasks through which they have access to inside information. The requirement for an insider list is set out in Article 18 of the UK Market Abuse Regulation (Retained Regulation (EU) No 596/2014).
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