One year on from MAR being implemented, EQS Group and EY wanted to find out the lay of the land. How are companies managing the new requirements? Have common practices developed? And are there any recommendations we can make to help issuers manage MAR?
Therefore, during the third quarter of 2017, we published a survey on MAR and 22 issuers, the majority FTSE 100 and FTSE 250 companies, responded.
The main findings of the report are summarised as follows:
Of the respondents to the survey, 61% use specialist software in order to maintain their Insider Lists. The remaining respondents use other software such as Microsoft Word or Excel but face version irregularities in doing so.
Issuers were found to have a varied approach to permanent insiders. 56% of respondents to the survey have permanents insiders, whereas 44% don’t (companies have received different advice from law firms).
The survey noted that there were several different interpretations being employed by FTSE and AIM listed companies as to how to apply the FCA’s requirement to keep an Insider List up to date for the 5-year period.
50% of the survey respondents have created a Disclosure Committee as a result of MAR.