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New rules for insider persons and companies

On 3 July 2016, the new Market Abuse Regulation aiming to ensure market integrity will come into effect.

The regulation will extend the requirements, including companies' obligation to keep a logbook and insider list and insiders' duty to report transactions to the insider register.

To help you meet these changes, we will offer technical support for the administration of the logbook and insiders’ list.

We will also offer technical assistance in reporting to the Swedish FSA’s insider register in accordance with the new requirements.

We will first offer a technical solution for managing logbooks and insider lists in June 2016.

Here are the changes companies can expect:

- as a consequence of the regulation, exemption from reporting transactions – due to Euroclear Sweden’s direct reporting – will be temporary terminated

- issuers should generate and maintain a list of people discharging managerial responsibilities and closely related persons. This implied that the list of people will expand going forward

- the logbook should contain more fields and be divided into “permanent” and “event-based” sections

- also companies that are traded on a trading platform / Multilateral Trading Facility (MTF) are subject to the new rules

Our long-term solution will be launched in January 2017. We will then offer extended functionality for the administration of the logbook and the insider list and automatic direct reporting of holdings’ changes to the Swedish FSA again.

Facts

From 3 July 2016, the new Market Abuse Regulation, the amended Reporting Obligations for Certain Holdings of Financial Instruments Act, and detailed rules in Commission’s delegated acts will all come into effect. The new regulations seek to extend the insider-reporting framework; i.e., to issuers that are traded on an MTF.

For more information, please contact:

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