Nye EU-baserede insiderregler fra juni vil volde problemer

I forskningspapir gennemgås de nye EU-baserede regler for markedsmisbrug og ulovlig insiderhandel, som træder i kraft juni 2016, altså lige om lidt. I gennemgangen fremhæves flere problemstillinger, som kan blive udfordrende for de børsnoterede selskaber og deres rådgivere, eksempelvis banker: ”The new European rules are however also very complex, and they will impose significant compliance costs to issuers and market operators, and risks of sanctions. Among many relevant developments, one that deserves scrutiny concerns “market sounding” governed by Article 11 of the Regulation. The topic was extensively discussed by Italian and German scholars and practitioners at a recent workshop at Bocconi Law School in Milan. Market sounding rules aim at avoiding that inside information selectively shared with only some investors and market participants in order to inquire about their interest in a proposed transaction, might lead to an illegal exploitation of information asymmetries. The regulation hides a small but fundamental conundrum. In short, the new rules require that whoever approaches, for example, banks that might participate in a public offer of securities, should evaluate if inside information should be revealed in the course of the market sounding. If this is the case, before sharing any relevant information, the disclosing party must warn the person potentially receiving it and obtain her consent to the disclosure.”