Insider registers
A company is obliged to maintain both a public and a company-specific insider register.
Public insider register
A public insider register includes personal information of insiders, ie persons subject to the disclosure obligation, and information on their holdings and trading in securities issued by their own company. A public register must also contain the corresponding information on insider's spouse or cohabitation partner, persons under his guardianship and other family members that have lived in the same household for at least one year. In addition, the register must contain information on the above-mentioned persons' securities holdings in controlled corporations and information on corporations in which influence is exercised.
The insider register contains insiders' basic declarations, declarations of holdings and declarations of changes. Trades and other transfers on must be separated in the register.
Information in the insider register must be stored at least for 5 years from the entry of the information. Everyone has the right to access these registers and get extracts or copies from them against a nominal fee. Information in the register is public except for social security numbers and addresses of persons subject to the disclosure obligation. As regards other persons than those subject to the disclosure obligation (eg spouse or cohabitation partner, family member under guardianship), only the information on securities holdings is public and other information, such as name, social security number and address, is not public.
A listed company must also make the information in the register available to the public on its website. Changes in the holdings of securities must be available on the company's website for 12 months from the time the change occurred. The company must update any changes in information related to a person subject to the disclosure requirement on the company's website without undue delay.
Company-specific insider register
A company-specific insider register contains information on persons who by virtue of their position and duties obtain inside information. It also contains information on persons who obtain inside information eg because they work for the issuer under a contract of employment or otherwise or are members of the bodies of the issuer. These company-specific insiders are not obliged to declare their holdings of shares in a public register.
Company-specific insiders are for example members of the company management group, financial managers and departmental managers. Furthermore, company-specific insiders can also refer to other officials of a company who have information on individual projects, or lawyers or consultants used by the company.
Person operating on behalf or for the benefit of an issuer has the corresponding obligation as the issuer to maintain a company-specific insider register.
Information in a company-specific insider register must be stored at least for 5 years after the date the disclosure obligation has ended.