A AIM Group Company Secretary and General Legal Counsel writes...
What checks (if any) do Company Secretaries undertake to ensure MAR compliance by advisors – and if checks are undertaken, how frequently are they updated?
The onus is on them (as other people have said) but we do include one representative (normally the lead partner) in our list and ask them to return a letter/email back acknowledging they will keep their own list and comply with their obligations.
AIMsaid
“Compliance” covers a wide area. If you mean specifically in respect of dissemination of inside information and maintenance of insider lists, we make no checks and expect them to take responsibility for their own compliance. That said the managing partner of our lawyers is kept on our permanent insider list. They (and our accountants) are expected to maintain their own in respect of anyone else. All other advisers and bankers engaged for adhoc projects are required to acknowledge letters setting out their obligations (including maintenance of insider lists).
FTSE SMALL CAPsaid
I agree with the comment that MAR compliance is the advisers’ responsibility, however, I do think there is an obligation on the listed company for there to be an exchange of written correspondence with them (or for it to be in the engagement letter with them) that they acknowledge their obligations under MAR (in particular as regards the possibility that they will have access to inside information)
FTSE250said
Their compliance is their responsibility and you don’t have to do anything.
The onus is on them (as other people have said) but we do include one representative (normally the lead partner) in our list and ask them to return a letter/email back acknowledging they will keep their own list and comply with their obligations.
“Compliance” covers a wide area. If you mean specifically in respect of dissemination of inside information and maintenance of insider lists, we make no checks and expect them to take responsibility for their own compliance. That said the managing partner of our lawyers is kept on our permanent insider list. They (and our accountants) are expected to maintain their own in respect of anyone else. All other advisers and bankers engaged for adhoc projects are required to acknowledge letters setting out their obligations (including maintenance of insider lists).
I agree with the comment that MAR compliance is the advisers’ responsibility, however, I do think there is an obligation on the listed company for there to be an exchange of written correspondence with them (or for it to be in the engagement letter with them) that they acknowledge their obligations under MAR (in particular as regards the possibility that they will have access to inside information)
Their compliance is their responsibility and you don’t have to do anything.