Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Text with EEA relevance)

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Regulation (EU) No 596/2014 of the European Parliament and of the Council, Article 18 is up to date with all changes known to be in force on or before 12 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1

Article 18U.K.Insider lists

1.Issuers [F1, and any person] acting on their behalf or on their account, shall [F2each]:

(a)draw up a list of all persons who have access to inside information and who are working for them under a contract of employment, or otherwise performing tasks through which they have access to inside information, such as advisers, accountants or credit rating agencies (insider list);

(b)promptly update the insider list in accordance with paragraph 4; and

(c)provide the insider list to the [F3FCA] as soon as possible upon its request.

2.Issuers [F4, and any person] acting on their behalf or on their account, shall [F5each] take all reasonable steps to ensure that any person on [F6their insider list] acknowledges in writing the legal and regulatory duties entailed and is aware of the sanctions applicable to insider dealing and unlawful disclosure of inside information.

[F7Where another person is requested by the issuer to draw up and update the issuer's insider list, the issuer shall remain fully responsible for complying with this Article. The issuer shall always retain a right of access to the insider list that the other person is drawing up.]

3.The insider list shall include at least:

(a)the identity of any person having access to inside information;

(b)the reason for including that person in the insider list;

(c)the date and time at which that person obtained access to inside information; and

(d)the date on which the insider list was drawn up.

4.Issuers [F8, and any person] acting on their behalf or on their account [F9, shall each update their] insider list promptly, including the date of the update, in the following circumstances:

(a)where there is a change in the reason for including a person already on the insider list;

(b)where there is a new person who has access to inside information and needs, therefore, to be added to the insider list; and

(c)where a person ceases to have access to inside information.

Each update shall specify the date and time when the change triggering the update occurred.

5.Issuers [F10, and any person] acting on their behalf or on their account [F11, shall each retain their] insider list for a period of at least five years after it is drawn up or updated.

6.Issuers whose financial instruments are admitted to trading on an SME growth market shall be exempt from drawing up an insider list, provided that the following conditions are met:

(a)the issuer takes all reasonable steps to ensure that any person with access to inside information acknowledges the legal and regulatory duties entailed and is aware of the sanctions applicable to insider dealing and unlawful disclosure of inside information; and

(b)the issuer is able to provide the [F12FCA], upon request, with an insider list.

7.This Article shall apply to issuers who have requested or approved admission of their financial instruments to trading on a [F13UK regulated market] or, in the case of an instrument only traded on [F14a UK MTF or a UK OTF], have approved trading of their financial instruments on an MTF or an OTF or have requested admission to trading of their financial instruments on [F15a UK MTF].

8.Paragraphs 1 to 5 of this Article shall also apply to:

(a)[F16UK] emission allowance market participants in relation to inside information concerning emission allowances that arises in relation to the physical operations of [F17that UK emission] allowance market participant F18...;

[F19(b)any auction platform and auctioneer in relation to auctions of emission allowances or other auctioned products based thereon that are held pursuant to the Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021.]

[F208A.A UK emission allowance market participant (“P”) is only required to draw up a list of persons who have access to inside information relating to EU emission allowances if—

(a)P enters into transactions, including the placing of orders to trade, directly or indirectly, in EU emission allowances, auctioned products based thereon or derivatives thereof, and

(b)the emissions from P’s EU installations and EU aviation activities exceed the minimum threshold referred to in the second sub-paragraph of Article 17(2) of Regulation (EU) 596/2014 as that Regulation applies in the European Union.]

[F219.The FCA may make technical standards to determine the precise format of insider lists and the format for updating insider lists referred to in this Article.]

Textual Amendments

F1Words in Art. 18(1) substituted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 30(2)(a)(i), 49(2)(a)

F2Word in Art. 18(1) inserted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 30(2)(a)(ii), 49(2)(a)

F3Word in Art. 18(1)(c) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 12(2)(a); 2020 c. 1, Sch. 5 para. 1(1)

F4Words in Art. 18(2) substituted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 30(2)(b)(i), 49(2)(a)

F5Word in Art. 18(2) inserted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 30(2)(b)(ii), 49(2)(a)

F6Words in Art. 18(2) substituted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 30(2)(b)(iii), 49(2)(a)

F7Words in Art. 18(2) substituted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 30(2)(c), 49(2)(a)

F8Words in Art. 18(4) substituted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 30(2)(d)(i), 49(2)(a)

F9Words in Art. 18(4) substituted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 30(2)(d)(ii), 49(2)(a)

F10Words in Art. 18(5) substituted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 30(2)(e)(i), 49(2)(a)

F11Words in Art. 18(5) substituted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 30(2)(e)(ii), 49(2)(a)