Insider list management at Schneider Electric before MAR
Prior to the Market Abuse Regulation (MAR), Schneider Electric maintained insider lists using Excel. However, Excel does not allow companies to manage a history of consecutive lists or send emails. In order to meet the requirements of the strict MAR, it would be necessary to log the Excel files for every change, i.e. almost daily, as from now on they need to be created within 24 hours.
Delphine Gieux, Secretary to the Board of Directors, and her team used internet research to gain an overview of the solutions available. In workshops for issuers on the implementation of MAR, which are regularly organized by institutions such as AFEP (French Association of Private Companies) and ANSA (National Association of Public Limited Companies), they exchanged views with colleagues on practices and service providers. At these workshops the name EQS Group came up time and again.
Selection criteria for the new management solution
The company compared a total of four providers and their solutions.
Schneider Electric defined the following selection criteria:
- Conformity with MAR
- Support/assistance from the service provider
- Data security (The data processing center should be located in Europe)
Efficient project team
Leading the project for Schneider Electric was Delphine Gieux’s department, the Secretariat of the Board of Directors which is responsible for stock exchange law. She worked closely with the Data Protection Officer and, of course, the IT teams. The team received support from the heads of department in communicating on the platform. They helped to set up the lists and to communicate the new notification methods to their teams.
About Schneider Electric
Schneider Electric provides energy and automation digital solutions for efficiency and sustainability. The company combines world-leading energy technologies, real-time automation, software and services into integrated solutions for homes, buildings, data centers, infrastructure and industries. It makes process and energy safe and reliable, efficient and sustainable, open and connected.