III.7.13.

Market participants comply with the obligation to publish inside information by using inside information platforms. However, some platforms have put on their websites legal disclaimers against the rights of users to the contents of the platform. Such disclaimers prohibit users from copying, transferring, dissemination and publishing of the website’s contents without additional permission. The disclaimers do not specify whether the prohibition extend also to the published inside information. Is the limitation against the use of the platform contents compliant with REMIT?

Answer: According to Article 4(1) of REMIT and the ACER Guidance on the application of REMIT (Chapter 4 thereof), specifically concerning the requirements for effective disclosure of inside information which shall be fulfilled by inside information platforms; inside information shall be made publicly available. Inside information platforms should therefore impose no limitations on the rights of its users.^[35]

This requirement is without prejudice to Directive 96/9/EC of the European Parliament and of the Council of 11 March 1996 on the legal protection of databases, according to which the maker of a database which is made available to the public in whatever manner may not prevent a lawful user of the database from extracting and/or re-utilising insubstantial parts of its contents, evaluated qualitatively and/or quantitatively, for any purposes whatsoever.

This above guidance is without prejudice to any of the disclaimers that the platforms may place on their websites in relation to the contents thereof, under the applicable copyright law.

[1] Please note that, by 8 May 2025, the Commission shall adopt a delegated act on the authorisation and supervision of inside information platforms which may affect the answer to this question. y.