The insider lists previously required to be prepared by the old version of section 15b of the WpHG have now been superseded by the obligation to draw up insider lists under Article 18 of the MAR. Supplementing this MAR requirement, Commission Implementing Regulation (EU) 2016/347¹ defines the format and provides a template for insider lists in the Annex.

Under Article 18 of the MAR, issuers or any persons acting on their behalf or for their account must draw up a list of all persons who have access to inside information. These insider lists must be updated continuously and provided to BaFin on request.

The persons listed in the insider lists must be made aware by the person required to draw up the list of their legal duties that arise when they come into possession of inside information (in particular the prohibition of dealing using inside information), as well as of the legal consequences of infringements. This ensures that the persons informed are made aware of the need to exercise care when handling inside information. Additionally, the insider lists enable the issuer and other persons required to draw up the insider lists to monitor the flow of inside information and thereby comply with their duties of confidentiality. Insider lists therefore serve to enhance market integrity. Finally, if there are indications of insider offences, insider lists make it easier for BaFin to quickly narrow down the group of insiders already identified as such.

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