When should a legal entity be added as an Associate?

When should a legal entity be added as an Associate?

MAR should be read to cover those cases where a PDMR within an issuer (or a closely associated natural person) takes part in or influences the

decisions of another legal person, trust or partnership (hereinafter “legal entity”) to carry out transactions in financial instruments of the issuer.

For example, in the case of mere cross board membership, where a person sits in the administrative, management or supervisory body of an issuer and also in the board of

another legal entity where they exercise executive or non-executive functions, without however taking part nor influencing the decisions of that legal entity to carry out

transactions in financial instruments of the issuer, then that person should not be considered discharging managerial responsibilities within that legal entity for the

purposes of Article 3(1)(26)(d) of MAR. Therefore, that legal entity should not be subject to the notification obligations under Article 19(1) of MAR, *unless it is directly

or indirectly controlled by, is set up for the benefit of, or its economic interests are substantially equivalent to those of that person.*


    • Related Articles

    • What is the difference between insiders and PDMRs?

      There are two main categories of individuals that need to be separated: Insiders and PDMR. Insider The status of being an Insider is based only on access to actual inside information. A person becomes and Insider and then ceases to be an Insider when ...

    • Getting started guide - PDMR management

      This guide introduce you to the PDMR workflow in Logwise. You will learn how to add PDMRs (Persons Discharging Managerial Responsibilities), view their e-signed confirmations, add PCAs (Person Closely Associated) and set notification emails for ...

    • PCAs workflow in Logwise

      Not a PCA? Click here to read how you fulfill your obligations as an insider under MAR. Or click here to read how you fulfill your obligations as PDMR under MAR. Person Closely Associated (PCA) As a PCA you are only requested to perform one action: ...

    • PDMRs Workflow In Logwise

      Not a PDMR? Click here to read how you fulfill your obligations as an insider under MAR. Or click here to read how you do what's requested of you as a PCA. 1.Person Discharging Managerial Responsibilities (PDMR) As a PDMR you are regulated under MAR ...

    • What does a Person Closely Associated (PCA) mean?

      Associates: ‘person closely associated’ means: (a) a spouse, or a partner considered to be equivalent to a spouse in accordance with national law; (b) *a dependent child, in accordance with national law;* (c) a relative who has shared the same ...