The Hellenic Capital Market Commission (HCMC) draws attention to compliance with the provisions of article 18 of Regulation (EU) 596/2014 (MAR) and underlines issues related to the drawing up and update of insider lists. Among others: (i) persons working with issuers’ counsels, including foreign counsels, who are recipients of inside information, should be included in the list; (ii) necessity of making a proper, clear and exhaustive description of inside information in the list; (iii) possibility of having a section with permanent holders of inside information due to their position or duties; (iv) compulsory use of templates of Implementing Regulation (EU) 1210/2022; (v) compliance with GDPR provisions while treating personal data included in the list which is necessary for identification purposes; (vi) obligation to immediately update the list in case any of the events provided for in paragraph 4 of article 18 of MAR occurs; (vii) list to be kept for at least five years after it is drawn up or updated; and (viii) list not to be confused with the list of all persons discharging managerial responsibilities.
Issuers should take all reasonable steps to ensure that any person on the insider list acknowledges in writing the legal and regulatory duties entailed and is aware of the sanctions applicable to insider dealing and unlawful disclosure of inside information.
Below is the link to the letter of the HCMC:
https://lnkd.in/dVWrX7GH
