Notifying on transactions in a new way
In accordance with the Market Abuse Regulation (MAR) the obligation to notify on transactions relating to financial instruments issued by the company is imposed on persons performing managerial responsibilities, and therefore, in principle - on the members of the management board and the supervisory board and their close relatives. Unlike so far, proxies are not burdened by the duty of notification - the MAR does not mention them explicitly in the definition of persons performing managerial responsibilities. The fulfilment of additional conditions, which could cause a proxy to be considered such a person, will be an exceptional case.
Members of the management board and the supervisory board should be notified by the issuer in writing of their obligations under the MAR, namely on the need to inform about transactions. A notification should also be received by close relatives and such notification shall be made by a member of the body, not the issuer. A good practice of public companies is to attach to the letter addressed to any member of the body such a notification to his close relatives. In that letter to a member of the body or in a separate correspondence, the public company should also request access to the data of close relatives. This is justified by the fact that from 3 July of this year, issuers are required to keep a list of such persons. The MAR does not specify what data should be included on such a list, so their range may vary depending on the internal regulations of the issuer.