Insidertrack User Group
On 10 August we held our 2022 Insidertrack User Group, attended by a number of Insidertrack clients. The meeting was led by Cytec’s Managing Director, Richard Nelson and featured sessions with our CEO, Nick Chinn and Client Services Director, Shelley Goff.
Thank you to all who joined, and to all speakers who presented. Please see below for a summary of the lively and creative discussion that took place.
Back to the Office
Cytec staff are back in the office, with a hybrid approach to our working week as staff are in three to four days per week. Safety continues to be our chief concern for all our employees and clients, and whilst the past two years have seen us presenting the User Group in webinar format (this year being no exception), we are very much looking forward to returning to a face-to-face format next year.
Net Promoter Score Survey
Our annual NPS Survey is completed in September each year. We ask each of our clients one simple question: on a scale of 1 to 10 how likely are you to recommend us to someone else?
An NPS above zero is considered good and above 50 to be excellent. Cytec’s 2021 score was a massive 87.6 score, which is fantastic. The 2022 survey will be completed during September 2022 and announced in late October 2022.
Regulations and Market Updates
There have been a number of announcements over the last few months including the Proposed Financial Services and Markets Bill. This Bill looks to implement the outcomes of the Future Regulatory Framework (FRF) Review by revoking much of the EU retained law, including the UK Market Abuse Regulations.
The Bill in its current format is extensive, so we would anticipate it to be a number of years and many iterations before we see it in its final form. Given that much of the EU legislation the Bill looks to replace was originally driven by the UK, it does seem unlikely that any implemented reforms will do away with key compliance fundamentals such as Insider Lists.
The FCA have also recently issued a fine to Sir Christopher Gent, of £80,000 for disclosing Inside Information to Shareholders in breach of Article 14(c) of EU MAR, it was interesting that the FCA specifically noted ConvaTec’s MAR Training in their review. This was considered to be sufficient and possibly impacted the FCA’s decision not to fine the company itself.
On a more anecdotal, market level we have been hearing reports from clients of an increase in random requests for Insider Lists, with little to no guidance as to why the regulator needs the information. This is just something for companies to be aware of.
Insidertrack Updates
Cytec are happy to declare 2022 as being the biggest growth year since 2014. We are delighted that this has included both first-time users and switch wins.
Finland
In late 2020 Cytec were approached by a Governance group in Finland, regarding Insidertrack. They were looking for a new provider and we are delighted that as a result of those discussions we now have four major Finnish organisations signed up, with a further 12 in the pipeline.
In order to migrate the Finnish companies, we undertook system developments to allow Insidertrack to collect Related Party information from PDMR’s as required under IAS 24. This built on the system’s ability to collect PCA information and is available for use by other jurisdictions caught by the SHRD regulations.
Data Security
Cytec continue to invest in the security of our systems, as this is an incredibly important area of focus for us as a business. We are both ISO 27001 and FSQS certified, having passed both annual audits with no areas of concern.
We have scaled up our internal vulnerability system checks to look for new types of attack. This includes being compromised by a multitude of external forces, such as other people’s systems.
We have also updated our cyber response plans, ensuring we effectively recognise a breach and respond quickly should one occur.
Insidertrack is continually being improved and updated including two-factor authentication (2FA). We have long supported Single Sign-On, however, for those clients who cannot use this, support for 2FA will be rolling out soon.
Insidertrack App
We now have multiple clients who have implemented the Insidertrack App and it is receiving an incredibly positive response from clients. The push notifications and acknowledgement on-the-go functionality are significantly reducing the time taken for Insiders to provide acknowledgement of their obligations.
The ability to approve dealing requests on the move is also proving to be a popular feature with Company Secretaries who are often on the go.
Education Module
The Insidertrack Education Module is undergoing a revamp, in conjunction with Ashurts LLP. The new module will feature multiple shorter and more engaging videos. This will also allow individual clients to configure which users can view each of the module videos. Your PDMR’s, Insiders and confidential list employees can undertake learning that is more tailored to their individual status.
Integration with other Providers
HR Platforms — We have a significant number of clients now integrating their Insidertrack systems with their HR systems via an Application Programming Interface (API). If anyone is interested in putting in place an API with their HR system, please do let us know and we can look to provide a time and cost quote (each API is a client specific configuration).
Share Plan Providers — Share Plan provider integration has always been on our roadmap and discussions with some of the providers are on-going. However, we do not have any specific updates on this as present.
Entity Management Providers — Kuberno launched their new Entity Management System and we have already had initial conversations with them regarding an integration with Insidertrack. Watch this space for updates as our conversations progress.
Close
We will confirm shortly when our next User Group is scheduled for, and the in-person venue for this.
If you are an existing or potential client and are interested in attending future User Groups, please contact us at usergroups@cytecsolutions.com or telephone 020 7001 0600 to speak to Kevin Lane.
