Article 18(2) of the MAR stipulates that any person recorded on the insider list must acknowledge in writing the legal and regulatory duties entailed and that they are aware of the sanctions applicable to insider dealing and unlawful disclosure of inside information. Written clarification is common, but not mandatory.

Persons need only be informed once, even if they are recorded multiple times in the insider list. For persons included in the “permanent insiders” section, it is also sufficient to inform them once when they are added to this section.

The clarification should be made as soon as possible after the person is included in the list. Illustrative wording for the information to be provided can be found on BaFin’s website.¹

The issuer remains responsible for providing the information, even if another person handles drawing up and updating the insider list on behalf or for the account of the issuer.

The persons included on the insider list must acknowledge that they are aware of their duties and the sanctions (see first subparagraph of Article 18(2) of the MAR). This acknowledgement can be made in writing or electronically, as long as receipt of the information can be substantiated at a later date if electronic form was used. The requirement for the person receiving the information to acknowledge receipt of the information does not apply to SME issuers. However, such an acknowledgement makes sense for the purpose of providing proof.

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