Glossary

MiFID II is a regulatory framework created to standardise financial markets and enhance investor protection across the EU. The updated directive was introduced in 2018 to cover all financial securities and professions in the bloc.

Personal Account Dealing (PAD) is when employees of an organisation engage in specific investment transactions such as buying or selling shares for their own benefit. These transactions are out of the scope of their routine work, but must be supervised by their companies to mitigate risks of conflict of interest or unlawful trading.

A Personal Account Dealing (PAD) policy is a set of rules that investment firms must put in place to regulate employee transactions made via personal accounts. These guidelines ensure that employees do not exploit their position to violate market regulations and make unlawful profits. They also help manage and prevent conflicts of interest to safeguard the interests of financial firm clients.

A personal account dealing system is a software platform used to monitor the personal trading activities of financial firm employees to prevent market abuse and ensure fairness.

Persons Closely Associated (PCAs) are individuals who have a relationship with a Person Discharging Managerial Responsibilities (PDMR). Since these people could be deliberately or inadvertently privy to material inside information due to their connection to PDMRs, they must follow strict protocols to prevent market abuse.

A Person Discharging Managerial Responsibilities (PDMR) refers to any individual having authority over the issuer.