Arriving in Milan on March 30, 23°C outside and surrounded by well-dressed Italians, we had the impression of being on a summer city break. Alas, the EQS delegation consisting of Sara, Natalie, Moritz and André was not there for holidays! Our mission: supporting Italian companies in dealing with the challenges due to EU Market Abuse Regulation (MAR). To that end, in partnership with Nctm Studio Legale – one of Italy’s leading law firms – we organized our first seminar in Italy last Friday.
Our First Seminar in Italy
Under the headline “MAR – how to comply with the new regulations on market abuse,” we discussed the major changes brought about by the MAR, presented our clients’ experiences in implementing MAR in other European countries, and gave practical advice on how to maintain insider lists in line with the new requirements.
Uncertainty About MAR
The event was targeted at equity and bond issuers on Italy’s AIM Italia and ExtraMOT PRO markets – both examples of Multilateral Trading Facilities (MTFs) and hence previously outside the scope of legislation on market abuse – and Nomads, which play a key role in advising companies listed on AIM. Under MAR, MTF issuers are required to maintain insider lists for the first time – we found that there is still confusion surrounding three major questions:
- How insider lists must be kept
- How to determine the start date for projects containing inside information
- How many (if any) employees are allowed to fall under the new definition of “permanent insider”
Participants were given a quick preview of the EQS INSIDER MANAGER, our cloud-based solution for managing MAR-compliant insider lists. Also discussed were the new obligations around delayed disclosure of inside information, market soundings and directors’ dealings.
It was very exciting for us to get in contact with new companies in this way. Having already 20 Italian companies trusting in our services, we knew that there is an interest for our solutions in this market. Welcoming over 30 participants to the event proved that we were right about that.
Feedback from the participants showed that our first event was a great success: very well-prepared and executed, hosted in Nctm’s beautiful offices in the heart of Milan with great discussions. Many thanks again to Nctm for giving us the opportunity to co-host such a great event! We hope to collaborate again soon in Milan, Rome or London…