Certain transparency platforms which are used to disclose inside information pursuant to Article 4(1) of REMIT use disclaimers which exclude any liability of the transparency platform for incorrect or incomplete information. Is the use of such disclaimers in line with obligations deriving from REMIT?
Answer: Market participants are liable for the completeness and correctness of the content of the urgent market messages published on their own company website and/or on platforms for the disclosure of inside information. Platforms for the disclosure of inside information are normally not liable for the completeness and correctness of the content of the urgent market message that they receive and disclose on behalf of the market participant.
However, platforms for the disclosure of inside information should accept responsibility for any data error that has taken place after the market participant submitted the urgent market message to the platform. Market participants should nevertheless take reasonable steps to verify the completeness, accuracy and timeliness of the disclosure of inside information on platforms on their behalf.