ESMA Final Report
On 21 October 2025, the European Securities and Markets Authority (ESMA) published its Final Report on the draft Implementing Technical Standards (the “Draft ITS”) proposing to extend the use of the ‘alleviated’ insider list format which is currently limited to select small and medium-sized enterprises (SMEs) listed on EU growth markets, to all EU issuers. This development follows certain amendments to the Market Abuse Regulation (MAR) which were introduced by virtue of the Listing Act (Regulation (EU) 2024/2809) – which in turn aims to make the EU capital markets more accessible and attractive.
Current state of play
Commission Implementing Regulation (EU) 2022/1210 (which relates to the format of insider lists and their updates) currently contains five standard insider list templates which are contained in three different annexes thereto (as set out below):
- Annex I: contains the two insider list templates required for all issuers under article 18(1) of MAR – i.e., the event-based / temporary and permanent lists.
- Annex II: contains the standard ‘simplified’ template for SME growth market issuers that only identifies those persons having regular access to inside information.
- Annex III: contains the two insider list templates that SME growth market issuers should use in those member states that have opted out of the standard ‘simplified’ regime included in Annex II above owing to national market integrity concerns. These templates are very much based on those included in Annex I (i.e., the event-based and the permanent lists), albeit using fewer personal data fields.
What’s changing?
As already alluded to in the introductory section above, ESMA has proposed extending the ‘alleviated’ format of insider lists envisaged in Annex III above to all issuers; therefore reducing the total number of templates for insider lists from five to three.
Furthermore, it is being proposed that these same Annex III templates, as well as the remaining Annex II template, be simplified even further so as to omit and/or alter a few other data fields.
These changes would in theory reduce the ‘burden’ on EU issuers currently preparing and maintaining insider lists on the basis of the existing templates provided in Annex I above. A redline comparison document (clearly depicting the changes positively impacting all EU issuers) may be viewed here.
Next Steps
The Draft ITS has been submitted to the European Commission for adoption; with a decision to be taken within three months.
