N.B. This section is not up to date. Please see the current MAR website.
This directory contains general aspects of instructions concerning insiders. Detailed provisions are included in the Securities Markets Act and the Penal Code.
Inside information refers to all information that has not been made public and that would be likely to have an effect on the value of publicly traded securities and certain other securities defined by law. The use of such information in securities trading is prohibited. The disclosure of such information is also prohibited.
The purpose of the prohibition against the abuse and disclosure of inside information is to maintain market integrity by ensuring that investors have the opportunity to trade securities based on as impartial information as possible.
Listed companies and insiders can prevent the possible abuse of inside information in many different ways. One approach is to acquire authorisation from the person responsible for insider issues within the company for each securities trade. Through the implementation of an insider trading practice, the company can also instruct that trading may only take place within certain time periods. Insiders can also acquire securities through separate share acquisition programmes.
A company is obliged to maintain an insider register in respect of insiders as defined by law. Insiders must declare their holdings of securities issued by the company and any changes in these holdings in the register. Information declared in the insider register is public. Details in the register must be published for public viewing on the company's website.