Term-sheet anonymization is the removal of personal data and party detail from a deal outline. If one side is listed, unpublished terms can be inside information under Art. 7 of Regulation (EU) 596/2014. Art. 10 of that regulation bars passing such detail on outside normal duties. Cleaning the outline before you benchmark it removes the temptation.
When this applies
You want to benchmark the sheet against past deals. One party is listed, so the terms may count as inside information. Clear the names and identifying detail before the file circulates.
How anonym.plus handles it
- Open the draft in anonym.plus on your device.
- It finds party names, contacts, and account data.
- Price and structure terms stay in place.
- Swap names for labels with the re-link map off.
- Save the clean draft on your device.
What you need to provide
- The draft (DOCX, PDF, or pasted text).
- Replace with the map off for full anonymity.
- Optional role map for party labels.
PII entity types detected
| Category | anonym.plus entity type | Example |
|---|---|---|
| Names | PERSON | investor lead → [INVESTOR] |
| Org | ORGANIZATION | fund LP → [FUND] |
| Contact | EMAIL_ADDRESS | deal email → [EMAIL] |
| Finance | IBAN_CODE | wire account → [ACCOUNT] |
| Dates | DATE_TIME | expiry 15 Jul → [DATE] |
| Location | LOCATION | fund office → [ADDRESS] |
Compliance achieved
- Cuts the party detail that can make a draft inside information under MAR Art. 7.
- Supports the disclosure limits in MAR Art. 10 and US Regulation FD.
- Keeps headline terms whole for benchmarking.
- On-device work keeps the draft inside the firm.
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Limitations & cautions
A niche structure can hint at one investor even after the name goes. A rare term may still be traceable in a small market. Weigh the residual risk before you treat the draft as anonymous.
Frequently asked questions
Why does a listed party change how I share a term sheet?
Unpublished deal terms can be inside information under MAR Art. 7. Art. 10 bars passing them on outside normal duties. Cleaning the file cuts the identifying detail before it circulates.
Does anonymizing make it safe to send anywhere?
No. A rare structure can still point at the deal. Weigh that residual risk, and follow your firm's insider-list rules.
Can I paste the text straight in?
Yes. Paste the draft or load a file. Both run locally on your device.