Topic Information obligations for issuers Advance entries in the insider list
Article from Issuer Guidelines published by the Federal Financial Supervisory Authority
It is still the case that it can make sense to draw up an insider information-based insider list before the inside information arises. This applies in particular to fact patterns that take a longer time to crystallise and which a large number of knowledge holders are involved, such as takeover negotiations. Persons who are already involved when the inside information develops may be included in such a list. However, such an advance preparation is as equally unnecessary as the permanent preparation and maintenance of an insider list.
BaFin will not draw any conclusion from the mere inclusion of information or a project in this list that the person obliged to draw up the insider list generally assumed the existence of inside information subject to the ad hoc disclosure requirement at that time. BaFin considers at this point that the person obliged to draw up the insider list will normally create that list at a time when the information has not yet become sufficiently specific to be classified as inside information.
There is no requirement to state a date or time when persons included in advance in the list come into possession of the inside information. Because the inside information only arises at a later point, the date and time when the inside information actually arises are relevant.