Investor Relations

62INVESTOR RELATIONSabout the issuer, either because they are employed by it or through theirprofessional relations with it;those who have occasionally access to information directly orindirectly related to the company. For instance, this may correspondto lawyers, investment banks, and communications advisorswho are involved in preparing a financial transaction for the issuer,and so on.There are two obligations with which insiders must comply under allcircumstances:Abstention. They may not use inside information in their possessionto their own benefit or that of others before the information is madepublic. Concretely, this means they may not buy or sell the securitiesabout which they have insider information;Discretion. Insiders are prohibited both from using the informationthey have to their benefit and from disclosing it to third parties exceptin the performance of their profession or job duties.Until the price-sensitive information has been publicly disclosed, the issuerhas a duty to ensure that this information remains confidential and to informconcerned parties about the following:The legal and regulatory obligations governing access to insideinformation;The legal sanctions for the misuse or wrongful disclosure of insideinformation.Most market regulations also stipulate that insiders must refrain from thefollowing:Knowingly disclosing or disseminating information that gives orcould give inexact, imprecise, or misleading indications about listedcompanies;Spreading rumors or disseminating inexact or misleadinginformation.The maintenance of constantly updated insider lists is mandatory in mostcountries. And if it is not, then it won’t hurt to have one anyway.