Archive for the ‘INSIDeR On-Demand’ Category

When the logbook goes beyond Facebook / Martin

03/07/2016. | This post has no Comments

EU legislators have worked hard for several years to “reduce” unnecessary administrative burdens associated with insider lists. And here is what some may call a “remarkable outcome” coming into effect on July 3, 2016 under the new Market Abuse regime:

  • Extension of the obligation to maintain insider lists from the regulated market issuers to issuers whose instruments are traded on MTFs and OTFs;
  • Extensive list of personal data going beyond what is stored in HR systems or data subject’s Facebook account;
  • Great deal of exposure for every entity responsible for maintaining the insider lists to highly demanding requirements of the Regulation (EU) 2016/679 (General Data Protection Regulation, effective May 2018) and sanctioning regime thereunder with administrative fines in the range of EUR 20 000 000;
  • EUR 1 000 000 as administrative pecuniary sanction for infringements related to insider lists by legal persons required to maintain them (extends to issuers as well as any legal person acting on their behalf or on their account);
  • EUR 500 000 as maximum administrative pecuniary sanction for infringements related to insider lists by natural persons: employee(s) and senior officer(s) responsible for this field of compliance are primarily exposed here.

Thus to sleep well after July 3, you have to be sure among others that:

  • Your insider lists are drawn up and maintained in full compliance with Article 18 of the Market Abuse Regulation (EU) 596/2014 and implementing regulations thereof;
  • You draw up and maintain deal-specific or event based sections of the insider list in compliance with Annex I Template 1 of the Commission Implementing Regulation (EU) 2016/347;
  • You draw up and maintain permanent insiders section of the insider list in compliance with Annex I Template 2 of the Commission Implementing Regulation (EU) 2016/347
  • That any person on the 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 in compliance with Article 18 (2) of the Market Abuse Regulation (EU) 596/2014;
  • That you draw up and properly maintain a list of all persons discharging managerial responsibilities and persons closely associated with them as required by Article 19(5) of the Market Abuse Regulation (EU) 596/2014;
  • That persons discharging managerial responsibilities and persons closely associated with them are properly notified about their obligations under Article 19 of the Market Abuse Regulation (EU) 596/2014, i.e. obligation to notify the issuer and competent authority about transactions made with shares or debt instruments of that issuer or to derivatives or other financial instruments linked thereto;
  • As an issuer you ensure that transactions notified by persons discharging managerial responsibilities and persons closely associated with them are made public promptly and no later than three business days after the transaction;
  • That persons discharging managerial responsibilities within an issuer do not conduct transactions during a closed period of 30 calendar days before the announcement of an interim financial report or a year-end report as required by Article 19 (11) of the Market Abuse Regulation (EU) 596/2014;
  • You have a solution in place to simplify and support transaction notification by persons discharging managerial responsibilities, persons closely associated with them as well as for other stakeholders that are bound by notification under the personal account dealing rules, policies and procedures;
  • You have a clearance procedure to manage exceptions to the trading restriction provided under Article 19 (11) of the Market Abuse Regulation (EU) 596/2014
  • You have proper procedures and records to manage delay of inside information pursuant to Article 17 (4)-(6) of the Market Abuse Regulation (EU) 596/2014.

INSIDeR has supported EU issuers with the above compliance issues for more than 10 years.

Improved and adapted, it continues to be the best solution available to handle any of the above requirements in accordance with the new Market Abuse regime.

INSIDeR Issuer edition deployed in Tele2 and Oriflame / Martin

15/01/2009. Tags: , | This post has 1 Comment

Tele2 is one of Europe’s leading telecom operators, with over 24 million customers in 11 countries. Tele2 offers mobile services, fixed broadband and telephony, data network services, cable TV and content services.

Oriflame is today one of the fastest growing global beauty companies selling direct. The company is present in 61 countries, of which they are the market leader in more than half. Oriflame offers a wide range of high-quality beauty products as well as a unique opportunity to join our sales force and start your own business.

Both of those well-know companies found INSIDeR as a valuable solution for mitigating internal and external compliance risks.

MiFID Compliance with new INSIDeR Professional Edition / Mait

16/10/2007. Tags: , , , , , | This post has no Comments

The rules introduced by MiFID impose complex requirements on banks’ and investment firms’ organizational governance and internal compliance management.

CSA Partners is delighted to announce the release of the new INSIDeR Professional Edition, a complete internal compliance procedures and records management solution designed to meet the most challenging requirements on organizational governance of MiFID-firms.

INSIDeR Professional Edition is web-based special-purpose compliance management application designed for the implementation of high quality internal control procedures and workflows by MiFID-firms when, among other things, dealing with the following organizational requirements:

  • Administration of the list of relevant persons and persons and corporations with close links to relevant persons
  • Applying pre-trade clearance regime and keeping records on permissions with regard to personal account dealings (personal transactions) by relevant persons
  • Keeping records on personal transactions
  • Controlling and reducing the risks of Market Abuse
  • Controlling and reducing the risks of conflict of interest
  • Ensuring that relevant persons are aware of their obligations
  • All the above available on the basis of self-service-model to multiply the efficiency of compliance procedures management across the organization.

INSIDeR Professional will be available on the basis of software-as-a-service model where CSA Partners provides the hosting, support and management of the solution for MiFID firms. That relieves firms from the burden and cost of maintaining and updating in-house systems and IT infrastructure. INSIDeR Professional Edition is available also per in-house installation model, should internal policies rule out software-as-a-service option.

“The Market in Financial Instruments Directive (MiFID) represents the most extensive reform ever seen by the European financial services industry. Key objectives of the MiFID include an increased level of investor protection and the integrity of markets throughout the European Union. These objectives have warranted the introduction of a range of organizational requirements and procedures for MiFID-firms. INSIDeR Professional is our response to help MiFID-firms’ compliance teams to deal with the most challenging of them, says Martin Villig, Managing Director of CSA Partners.”

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