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Tomasz Jaranowski

Attorney-at-law. Counsel. A member of the Regional Bar in Poznań, Mr. Jaranowski graduated from the Faculty of Law and Administration of Nicolaus Copernicus University in Toruń. He also completed a postgraduate programme in Labour Law at the Faculty of Law and Administration of Adam Mickiewicz University in Poznań and a programme in Capital Market Law and Economics and the Warsaw School of Economics. A specialist in business and commercial law, Mr. Jaranowski has extensive experience in ongoing advisory to companies, due diligence audits, compliance with disclosure obligations in public corporations, drafting public disclosure documentation, and the issuing of securities. Moreover, he has a strong background in litigation, including corporate disputes

 
DOI: 10.33226/0137-5490.2020.6.2

The article presents the issue of maintaining the insider list referred to in Article 18 MAR in the capital group. The main research problem analysed by the authors is whether the provisions MAR constitute the legal basis for including the employees of the issuer's subsidiaries in the insider list maintained by the issuer (the parent company). In the authors' opinion, employees of subsidiaries having preferential access to inside information produced in a subsidiary should be considered as persons to be included in the insider list maintained by the issuer. The proposed interpretation is consistent with all views treating the capital group as a single economic unit, pursuing an interest that is essentially convergent for all participants of the group.

Keywords: insider list; inside information; MAR; market abuse; issuer; capital group