Market Abuse Compliance Quiz

1) Do you have a formal, written Insider Policy*?

Yes
No

2) All individuals who are subject to Insider Policy are provided adequate training about the content and application of the Insider Policy.

Yes
No

3) Level of understanding among managers and employees about the main principles of the Market Abuse regime and their obligations under the Insider Policy seems to be excellent or good.

Yes
No

4) A designated employee (Compliance officer) is in charge of the application and enforcement of Insider Policy, proper administration of lists of insiders and other compliance procedures related thereto.

Yes
No

5) We maintain regularly updated register of persons with potential access to inside information on an ongoing or regular basis (often referred to as the register of permanent insiders or register of corporate insiders)

Yes
No

6) We maintain also separate lists of insiders structured by inside information projects identifying persons who, when (both date and time) and why have obtained access to particular project or item constituting unpublished inside information (so-called project-specific list of insiders).

Yes, for all projects (Quarterly Financial Results, M&A, major sales contracts and other important projects)
Sometimes, only for bigger M&A projects
No

7) To avoid unintentional leaks - each person receives separate warning notice containing description of duties and sanctions each time when he or she has been entered into project-specific list of insiders.

Yes
No

8) Access to the record keeping solution of the lists of insiders and the right to modify records is limited to authorized users only (e.g., unique user name and password) and provides an audit trail enabling to track at least the identity of the person who has made the change and the time and date of the change.

Yes, we have a special purpose compliance system in place
Not exactly, we use Excel spreadsheets
No

9) Records in insider lists as well as other compliance records maintained in connection with Insider Policy are regularly backed-up.

Yes, we have a special purpose compliance system in place
Probably, our spreadsheets are stored in corporate file server
Not sure

10) We apply the following arrangements to ensure that external service providers (advisors, consultants etc.) maintain confidentiality of inside information obtained in the course of their engagement:

• As a matter of prevailing practice contract of engagement contains provisions that oblige external service providers to maintain their own list of insiders and submit this to the Issuer upon first request;
  Yes
  No
  
  
• In case of external service provider’s involvement in specific matters for which issuer maintains project-specific list, service provider is specifically instructed to maintain project-specific list of its own;
  Yes
  No
  
  
• Occasional checks, as to whether external services providers actually maintain their own list of insiders pertaining to sensitive information about Issuer, is carried out from time to time.
  Yes, regularly (quarterly/annually)
  Sometimes, not regularly
  Not at all
  

11) Insider Policy imposes an obligation to declare to the issuer holdings in issuer’s financial instruments when taking the position (employment or membership in the board) and reporting any changes (i.e. personal account dealings) thereafter.

12) Are corporate insiders (members of the board and senior employees with management function) required to receive advance clearance of their personal transactions?

13) Prior to providing clearance (i.e. permission to trade), there is an arrangement in place for determining that:

• There is no closed-window (based on law or market rules) period to prevent the applicant from making the contemplated transaction
• The applicant is not exposed to any specific matter that is qualified and treated as inside information (inter alia by checking records of opened project-specific lists of insiders) at the time of the application
• There is no such matter ongoing in the company, which can clearly be qualified as material inside information, and which would expose the applicant to undue suspicions even in case the applicant is unaware of this particular matter

14) Quality, effectiveness and reliability of compliance procedures and record keeping prescribed by the Insider Policy are subject to review by internal or external auditor or other experts of this area at least once a year.