MAR and insider list content - update

The final implementing technical standards for insider list content were adopted by the Commission and published on 10 March 2016, and will come into force on 3 July 2016 alongside the Market Abuse Regulation. The content requirements are the same as in the draft implementing standards previously published by ESMA in September 2015 and are set out below.

There are two changes to the recitals which may be helpful:

1. recital 5 now says that "the insider list should in principle contain personal data that facilitates the identification of insiders". The words "in principle" have been added and seem to give some flexibility should, for example, an issuer not have been able to obtain a married woman's birth name.

2. the sentence in the draft of recital 9 which said "In order not to endanger an investigation by having to seek information from the persons in (sic) the insider list, the lists should be kept up to date at all times and not only upon a request from a competent authority" has been deleted. This may have been in response to concerns that issuers and advisers are likely to keep the necessary information in HR databases with the facility to print the lists at any time rather than having static lists.

By way of reminder, the information required for each insider for a deal specific insider list is as follows:

• first name
• surname
• birth name if different
• professional telephone numbers (work direct telephone line and work mobile number)
• company name and address
• function and reason for being an insider
• date and time at which the person obtained access to the inside information
• date and time at which the person ceased to have access to the inside information
• date of birth
• national identification number (if applicable)
• personal telephone numbers (home and personal mobile telephone numbers)
• personal home address.

The requirements for a permanent insider list are only very slightly different. If a person is on the permanent list, their name does not need to go on the deal specific list.

We are awaiting confirmation from the FCA as to whether national identification numbers are required in a UK context.