Insider lists
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...

This Practice Note considers the obligation of an issuer who issues or proposes to issue financial instruments which are within the scope of the UK Market Abuse Regulation (Retained Regulation (EU) No 596/2014), or any person acting on their behalf or on their account, to keep insider lists to protect and control the dissemination of inside information.

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 standards with regard to the precise format of insider lists and for updating insider lists (Implementing Technical Standards for insider lists) was also onshored into UK law and amended by the FCA under FCA 2019/45: Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019. For more information see The UK listing and prospectus regime

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