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  • Gemma Morgan, Howells Associates Legal Director

FCA Review - Industry Implementation of MAR

FCA Market Watch Newsletter offers clarity on issues raised since implementation of MAR

On 17 December 2018, the FCA published a Market Watch newsletter which outlines their findings since the implementation of MAR and offers clarity on certain issues that have been raised.


Following meetings with firms, surveys sent to issuers and analysis of FCA data, the FCA confirm that:

  • Identification of inside information is key; it can arise from a variety of sources and anticipation of those sources can assist and staff should be trained in how to identify and respond to inside information. A majority of issuer respondents to the survey confirmed use of internal governance such as Disclosure Committees as well as legal counsel and advice from corporate brokers to assess whether information meets the threshold for inside information.

  • Each time new inside information is identified, a new section should be added to the insider list containing details of everyone who has access to that inside information including personal details. The FCA expect all fields in the template set out in Annex of Commission Implementing Regulation (EU) 2016/347 to be completed.

  • If using a permanent insider list, the FCA cautions against these containing a disproportionately large number of employees and should remain restricted to employees who have access at all times to all inside information.

  • Completed insider lists must be returned within 2 days of a request from the FCA.

  • Issuers should not collect employee data from their external advisors; providing a point of contact for the FCA to approach directly will suffice.


This review provides a useful reminder that the FCA expects issuers to maintain effective arrangements, systems and procedures to both identify inside information and provide accurate, complete insider list templates in a timely fashion.

If you would like any details on how Howells Associates and IMTrack can assist with MAR compliance, please do not hesitate to get in touch.

Further Reading

FCA Market Watch Issue 58

Speech by Julia Hoggett, Director of Market Oversight