Insider lists
Insider lists help issuers to monitor the flow of inside information. In addition, they also make it easier for the supervisory authority to detect possible insiders if there is any suspicion of a breach of the rules.
Since October 2004 listed company issuers and persons acting on their behalf or on their account must keep insider lists. That means that the companies must now compile lists of persons who work for them and have access to inside information as defined by law. Companies are free to decide how they structure the lists. They could, for example, structure them by projects or by areas of confidentiality. Minimum requirements are laid down in the Securities Trading Reporting and Insider List Ordinance (Wertpapierhandelsanzeige- und Insiderverzeichnisverordnung – WpAIV).
The persons whose names are held on the lists must be informed separately of these requirements, which extend beyond the general obligations not to disclose confidential business information, and advised of the consequences of failing to comply with them, so that they are made aware of the need to treat inside information very carefully. Detailed notes on this subject are contained in BaFin's " Issuer Guideline" (Emittentenleitfaden). The lists help issuers to monitor the flow of inside information and so comply with their duty to observe secrecy. If a specific suspicion of a breach of the rules has arisen, the lists make it easier for BaFin to detect possible insiders.
