Financial Services Act 1986 (Repealed)

173 Information obtained in official capacity: public bodies etc. U.K.

(1) In section 2 of the M1 Company Securities (Insider Dealing) Act 1985 (abuse of information obtained by Crown servants in official capacity) for the word “Crown” wherever it occurs there shall be substituted the word “public".

(2) At the end of that section there shall be added—

“(4) “Public servant” means—

(a) a Crown servant;

(b) a member, officer or servant of a designated agency, competent authority or transferee body (within the meaning of the Financial Services Act 1986);

(c) an officer or servant of a recognised self-regulating organisation, recognised investment exchange or recognised clearing house (within the meaning of that Act);

(d) any person declared by an order for the time being in force under subsection (5) to be a public servant for the purposes of this section.

(5) If it appears to the Secretary of State that the members, officers or employees of or persons otherwise connected with any body appearing to him to exercise public functions may have access to unpublished price sensitive information relating to securities, he may by order declare that those persons are to be public servants for the purposes of this section.

(6) The power to make an order under subsection (5)

shall be exercisable by statutory instrument and an instrument containing such an order shall be subject to annulment in pursuance of a resolution of either House of Parliament.”

Marginal Citations

M1 1985 c. 8.