Sire - A trusted register for insider management
Market Abuse Regulation has come into effect on 3 July 2016. Our Insider Register Service, Sire, has been updated to correspond to the changes required by the new legislation, and we have plans on developing the service further. The updated service ensures that trust in the insider register remains at the highest possible level.
Our Sire service has been compliant with legislation since 29 June 2016. The new functionalities have been implemented successfully, and we have received positive feedback from our users, as well as requests for further development of the functionalities.
The first phase focused on revising the maintenance of registers, while the second phase focused mostly on the functionalities related to the reporting of insider administration, and the reporting of board member business transactions.
Sire service development continues
We are making small changes to the Sire user interface in August. We will be adding language versions of the new forms and content to the Help sections. In addition to the reports already in official use, we will be adding new complementary report options for the use of insider administration.
New forms and reports
The forms include a new basic information form for issuers and a form for the board member/immediate family business transaction reporting.
“Concerning Board member ownership (SIRE 021), we ask you to note that we cannot provide direct access to Sire for external information services due to information security reasons. Registry information of specific companies and reports are not public information. We are working on a secure solution, so that this report can be requested to be delivered directly to an external information service. Issuer service users can request the report in the normal way, and if necessary, forward it to an information service. If needed, you can request instructions on how to order the report from us,” says Esa Kankkunen, Sales and Relationship Manager at Euroclear Finland.