The details of the information to be included in the electronic list can be found in Annex I of Commission Implementing Regulation (EU) 2016/347, which expands on Article 18 of the MAR and differ slightly in its requirements as to whether the details of the permanent or projected-related section of the list are affected.

Details concerning the creation and updating of the insider list

The insider list must show the date of its creation. The date must be specified in accordance with ISO 8601. The date format yyyy-mm-dd and the time format hh:mm must be used.

Different times in different time zones must be specified as the difference to Coordinated Universal Time (UTC) in the form +01:00. To give the time in Coordinated Universal Time (UTC), the Central European Time (CET) used in Germany results by adding one hour, and by adding two hours for the Central European Summer Time (CEST) used in the summer.

Details of the person subject to the obligation and the instructed persons

The insider list feature a clearly highlighted title bearing the words “Insider list under Article 18 of the MAR”. The name of the person obliged to maintain the insider list and the names of the persons instructed by that person to maintain the insider list must be included in the list.

Details on persons with access to inside information

All persons who have access to the relevant inside information by virtue of a contract of employment or because they perform other functions must be included in the insider list.

The details for a person include his or her identity. The identity comprises: first name, surname, birth surname if different, company name and address, all work direct telephone and mobile phone numbers, date of birth, all personal home and mobile phone numbers, and the full personal home address. Any secondary residence must also be included with the personal home address.

The requirement to provide a national identification number is new. Because there is no such number, no entry must be made at present for German insiders, and in particular no tax identification number must be entered. In the case of non-German insiders, the national identification number must be entered if one exists.

For guidance on the relief available to SME issuers, see section V.2.4.¹

A reference to internal databases is not sufficient.

Function and reason for including that person in the list

The function of the insider and the reason for including the person in the insider list must be specified in accordance with point (b) of Article 18(3) of the MAR. The function of the insider is his or her function in the company, for example member of the management board. The reason for including the person in the list normally results from the person being included in the project referred to in the section in question.

Beginning and end of access to inside information

Fundamentals

Under point (c) of Article 18(3) of the MAR, not only the date when the person obtained access to the relevant inside information, but also the time must be recorded (see also V.4.3.1 above).

The relevant factor is when the individual came into possession of the inside information in question or became involved in the project. What matters is when access is obtained, and not actual possession of the inside information.

If the insider list is divided into sections, the creation date of the section must be entered.

The date and time when the person ceased to have access to the relevant inside information must also be entered. For individuals, access may cease in particular when the person leaves the company, and for all persons included in the list, when the inside information is made public.

Special cases: Groups of insiders

In the case of a group of persons, for example a defined project team, the date when the inside information arises, for example the decision of the responsible body, can be used as a uniform date for all members of the group. Regardless of this, it is additionally possible to add an explanation as to whether and when individuals have obtained specific access to or come into possession of the inside information. This also applies to statements about absences due to illness of vacation. If the issuer knows that, for certain employees, the specific timing of access to or possession of the inside information was after the date applicable to the group, this personalised date can be noted from the outset.

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