- (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;
- (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;
- (b) the circumstances referred to in (a) are that the acquisition or disposal in question occurs on a regulated market (identified in an Order made by the Treasury), or that the person dealing relies on a professional intermediary or is himself acting as a professional intermediary.