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Part B Commentary, 3 Disclosure Requirements, Art.18: Insider lists

Edited By: Marco Ventoruzzo

From: Market Abuse Regulation: Commentary and Annotated Guide (2nd Edition)

Edited By: Marco Ventoruzzo, Sebastian Mock

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 14 July 2024

Improper disclosure — Insider dealing — Insider trading — Misleading impressions — Market abuse — Market Abuse Directive (MAD) — Regulated activities

This chapter outlines the history, functions, requirements, and sanctions of insider lists, which are under the jurisdiction of Article 18. Insider lists are a prophylactic measure with the specific purpose to enforce the ban on insider dealing. While the register of insiders’ transactions is a public list that comprises persons ‘discharging managerial responsibilities’ for purposes connected to disclosure and insider dealing, insider lists are not public but should be available for authorities investigating possible violations more specifically connected to (and possibly preventing) insider dealing. Article 18 requires issuers as well as any person acting on their behalf to create and update insider lists. Such lists should comply with specific requirements, including a format and a template, that respond to the need of full harmonization at European level.

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