Recital 2

(2)Article 18(9) of Regulation (EU) No 596/2014 empowered the Commission to determine the precise format of insider lists and the format for updating insider lists which the Commission did in Commission Implementing Regulation (EU) 2016/347 ² . Regulation (EU) 2019/2115 of the European Parliament and of the Council ³ amended Article 18 of Regulation (EU) No 596/2014 to introduce the possibility for issuers whose financial instruments are admitted to trading on an SME growth market to maintain only a list of persons who, due to the nature of their function or position within the issuer, have regular access to inside information, while giving Member States the option of introducing a requirement for those issuers to provide more extensive insider lists that include all persons who have access to inside information, where justified by specific national market integrity concerns. Regulation (EU) 2019/2115 also introduced in Article 18(6) of Regulation (EU) No 596/2014 a new empowerment for the Commission to determine the format of those more extensive insider lists and required that such a format be proportionate and represent a lighter administrative burden compared to the format determined in accordance with Article 18(9) of Regulation (EU) No 596/2014 (‘alleviated format’). The Commission acted upon that empowerment by adopting Commission Implementing Regulation (EU) 2022/1210 ⁴ , which repealed Implementing Regulation (EU) 2016/347. Regulation (EU) 2024/2809 of the European Parliament and of the Council ⁵ further amended Regulation (EU) No 596/2014 by deleting the empowerment in Article 18(6) and replacing the empowerment in Article 18(9) with a new empowerment for the Commission to review the implementing technical standards on the format of the insider lists to extend the use of the alleviated format to all insider lists referred to in Article 18(1) and (6), first and second subparagraphs. It follows that Implementing Regulation (EU) 2022/1210 should be repealed and replaced by a new Regulation.