ESMA raises concerns with the proposed changes to the insider list regime

The European Securities and Markets Authority (ESMA) has expressed concerns in a letter to the European Parliament and Council regarding proposed changes to the insider list regime in the Markets Abuse Regulation (MAR). The changes were proposed in December 2022 as part of the Listings Act proposal and would limit insider lists to only include persons who have regular access to inside information, not those who may have access on a case-by-case basis. ESMA believes that this change may have significant detrimental effects for national supervisors and their ability to enforce against market abuse, as well as for issuers who use insider lists to manage the flow and access to inside information. ESMA has urged the Parliament and Council to consider these concerns during their legislative discussions.