MAR Requires Accurate Insider Lists
Excel is not a reliable solution for maintaining insider lists. Particularly as the requirements of MAR are so high:
- Project-related insiders and permanent insiders must be listed in separate sections of the insider list. This can be time-consuming and cumbersome in Excel.
- The regulator requires that any change to an insider list is saved as a new version. Past versions must be stored. It’s easy to change an Excel file without creating a new version and it is difficult to trace which data has changed from version to version.
- All information on insiders must be retained for five years. Server relocations, employee departures, or locally stored data put companies at high risk with simple Excel files.
Avoid Excel if you want to manage your insider lists and comply with MAR. If you don’t, the penalties are high: the supervisory authorities can punish inaccurate insider lists with fines of up to €1 million.