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Insider trading

The activity which is in summary:

(a) The offence of which an individual is guilty if he has information as an insider and:
(i) In the circumstances described in (b), he deals in securities that are price-affected securities in relation to the information; or
(ii)  (A) he encourages another person to deal in securities that are (whether or not that other knows it) price affected securities in relation to the information, knowing or having reasonable cause to believe that the dealing would take place in the circumstances mentioned in (b); or (B) he discloses the information, otherwise than in the proper performance of the functions of his employment, office or profession, to another person; and
(b) The circumstances referred to in (a) are that the acquisition or disposal in question occurs on a regulated market, or that the person dealing relies on a professional intermediary or is himself acting as a professional intermediary.
Amended: January 2011