Version in force , Modified +213 −306§
Amended by Regulation (EU) 2024/2809 32024R2809 on EUR-Lex (external, EUR-Lex)
dates added to the text: 2025-09-05 · dates removed: 2016-07-03
Explanation, written by a model and checked against the cited text
In paragraph 6, the cross-reference to persons covered was rephrased from citing 'point (a) of paragraph 1' to citing 'paragraph 1, point (a)', without altering which persons are referenced.
Paragraph 9 no longer instructs ESMA to develop draft implementing technical standards on the precise format of insider lists and their updates by 3 July 2016, and instead instructs ESMA to review the implementing technical standards on the alleviated format for SME growth market issuers so as to extend that format to all insider lists referred to in paragraph 1 and in paragraph 6, first and second subparagraphs, submitting those draft standards to the Commission by 5 September 2025.
The reference in the third subparagraph of paragraph 9 to 'the implementing technical standards referred to in the first subparagraph' remains, but it now points to the review-and-extension mandate rather than to the original standard-setting mandate.
Cited: Art. 18, v2 (external, EUR-Lex) · Art. 18, v1 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 9 January 2024 02014R0596-20240109 → this version, in force 4 December 2024 02014R0596-20241204
Article 18
Insider lists
1. Issuers and any person acting on their behalf or on their account, shall each:
(a) draw up a list of all persons who have access to inside information and who are working for them under a contract of … 337 unchanged words … shall be entitled to include in their insider lists only those persons who, due to the nature of their function or position within the issuer, have regular access to inside information.
By way of derogation from the first subparagraph of this paragraph paragraph, and where justified by specific national market integrity concerns, Member States may require issuers whose financial instruments are admitted to trading on an SME growth market to include in their insider lists all persons referred to in paragraph 1, point (a) of paragraph 1. Those lists shall comprise information specified in the format determined by ESMA pursuant to the fourth subparagraph of this paragraph. (a).
The insider lists referred to in the first and second subparagraphs of this paragraph shall be provided to the competent authority as soon as possible upon its request.
ESMA shall develop draft implementing technical standards to determine the precise format of the insider lists referred to in the second subparagraph of this paragraph. The format of the insider lists shall be proportionate and represent a lighter administrative burden compared to the format of insider lists referred to in paragraph 9.
ESMA shall submit those draft implementing technical standards to the Commission by 1 September 2020.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the fourth subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
7. This Article shall apply to issuers who have requested or approved admission of their financial instruments to trading on a regulated market in a Member State or, in the case of an instrument only traded on an MTF or an OTF, have approved trading of their financial instruments on an MTF or an OTF or have requested admission to trading of their financial instruments on an MTF in a Member State.
8. Paragraphs 1 to 5 of this Article shall also apply to:
(a) emission allowance market participants in relation to inside information concerning emission allowances that arises in relation to the physical operations of that emission allowance market participant;
(b) any auction platform, auctioneer and auction monitor in relation to auctions of emission allowances or other auctioned products based thereon that are held pursuant to Regulation (EU) No 1031/2010.
9. In order to ensure uniform conditions of application of this Article, ESMA shall develop draft review the implementing technical standards to determine on the precise alleviated format of the insider lists and for issuers admitted to trading on SME growth markets to extend the use of such a format for updating to all insider lists referred to in this Article. paragraph 1 and in paragraph 6, first and second subparagraphs.
ESMA shall submit those draft implementing technical standards to the Commission by 3 July 2016. 5 September 2025.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.