(9)To ensure that the insider lists can be made available to the competent authority as soon as possible upon request and that they can always be updated without delay, insider lists should be kept in an electronic form. The electronic form should ensure that the information included in the insider list is kept confidential. To avoid a disproportionate administrative burden on issuers whose financial instruments are admitted to trading on an SME growth market, such issuers should not be required to draw up and keep up to date the insider list in an electronic form, provided that the completeness, confidentiality and integrity of the information included in the insider list is ensured.