The new regulation does not draw a distinction between permanent and project-specific insider registers. However, in the future a company can keep separate project-specific insider lists alongside the list of permanent insiders in line with old practice.
In the future, an insider cannot be listed on the insider list without first obtaining such insider’s written approval. Further, issuers will in the future always be fully responsible for maintaining insider lists even if another party acting on behalf of the issuer has taken on the task of drawing up the lists and bringing them up to date. This can be particularly problematic in an inside project that includes, for example, a non-European advisor who maintains their own insider list. To avoid problems in the future, listed companies could have an insider list template, which they could send to such advisors to ensure that the obligations imposed by the new regulation are fulfilled. Under the new regulation, issuers also have the right to access insider lists maintained by third parties at any time.