European market participants are still wrestling with
fundamental aspects of the Market Abuse Regulation (MAR) almost
eight months after it became effective.
Introduced on July 3 2016, MAR is intended to stamp out
market malpractice, including insider dealing. Replacing the
previous Market Abuse Directive, it affects most market
participants, including banks, funds, investment firms, and the
majority of EU issuers.
But its first few months have not been smooth. Here, issuers
and underwriters counsel reveal how they are struggling with
insider lists, labelling of inside information and finding
consistency on market sounding.
One of the key
provisions under MAR is an enhanced requirement to maintain
insider lists, which now extends to companies listed on
exchange regulated markets.
Under the rules issuers, or those acting on their behalf,
must prepare a list of all those with access to inside
information and update it when required, stating the date