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insider dealing

5the activity described in section 52 of the Criminal Justice Act 1993, which is in summary:

  1. (a) the offence of which an individual is guilty if he has information as an insider and:
    1. (i) in the circumstances described in (b), he deals in securities that are price-affected securities in relation to the information;
    2. (ii)
      1. (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
      2. (B) he discloses the information, otherwise than in the proper performance of the functions of his employment, office or profession, to another person;
  2. (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.