http://www.legislation.gov.uk/ukpga/1993/36/part/V/2009-10-01Criminal Justice Act 1993 An Act to make provision about the jurisdiction of courts in England and Wales in relation to certain offences of dishonesty and blackmail; to amend the law about drug trafficking offences and to implement provisions of the Community Council Directive No. 91/308/EEC; to amend Part VI of the Criminal Justice Act 1988; to make provision with respect to the financing of terrorism, the proceeds of terrorist-related activities and the investigation of terrorist activities; to amend Part I of the Criminal Justice Act 1991; to implement provisions of the Community Council Directive No. 89/592/EEC and to amend and restate the law about insider dealing in securities; to provide for certain offences created by the Banking Coordination (Second Council Directive) Regulations 1992 to be punishable in the same way as offences under sections 39, 40 and 41 of the Banking Act 1987 and to enable regulations implementing Article 15 of the Community Council Directive No. 89/646/EEC and Articles 3, 6 and 7 of the Community Council Directive No. 92/30/EEC to create offences punishable in that way; to make provision with respect to the penalty for causing death by dangerous driving or causing death by careless driving while under the influence of drink or drugs; to make it an offence to assist in or induce certain conduct which for the purposes of, or in connection with, the provisions of Community law is unlawful in another member State; to provide for the introduction of safeguards in connection with the return of persons under backing of warrants arrangements; to amend the Criminal Procedure (Scotland) Act 1975 and Part I of the Prisoners and Criminal Proceedings (Scotland) Act 1993; and for connected purposes.1993-07-27texttext/xmlenStatute Law Database2024-05-17Expert Participation2009-10-01 Part V INSIDER DEALING The offence of insider dealing The offence.521An individual who has information as an insider is guilty of insider dealing if, in the circumstances mentioned in subsection (3), he deals in securities that are price-affected securities in relation to the information.2An individual who has information as an insider is also guilty of insider dealing if—ahe 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 subsection (3); orbhe discloses the information, otherwise than in the proper performance of the functions of his employment, office or profession, to another person.3The circumstances referred to above 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.4This section has effect subject to section 53. Defences.531An individual is not guilty of insider dealing by virtue of dealing in securities if he shows—athat he did not at the time expect the dealing to result in a profit attributable to the fact that the information in question was price-sensitive information in relation to the securities, orbthat at the time he believed on reasonable grounds that the information had been disclosed widely enough to ensure that none of those taking part in the dealing would be prejudiced by not having the information, orcthat he would have done what he did even if he had not had the information.2An individual is not guilty of insider dealing by virtue of encouraging another person to deal in securities if he shows—athat he did not at the time expect the dealing to result in a profit attributable to the fact that the information in question was price-sensitive information in relation to the securities, orbthat at the time he believed on reasonable grounds that the information had been or would be disclosed widely enough to ensure that none of those taking part in the dealing would be prejudiced by not having the information, orcthat he would have done what he did even if he had not had the information.3An individual is not guilty of insider dealing by virtue of a disclosure of information if he shows—athat he did not at the time expect any person, because of the disclosure, to deal in securities in the circumstances mentioned in subsection (3) of section 52; orbthat, although he had such an expectation at the time, he did not expect the dealing to result in a profit attributable to the fact that the information was price-sensitive information in relation to the securities.4Schedule 1 (special defences) shall have effect.5The Treasury may by order amend Schedule 1.6In this section references to a profit include references to the avoidance of a loss. Interpretation Securities to which Part V applies.541This Part applies to any security which—afalls within any paragraph of Schedule 2; andbsatisfies any conditions applying to it under an order made by the Treasury for the purposes of this subsection;and in the provisions of this Part (other than that Schedule) any reference to a security is a reference to a security to which this Part applies.2The Treasury may by order amend Schedule 2.“Dealing” in securities.551For the purposes of this Part, a person deals in securities if—ahe acquires or disposes of the securities (whether as principal or agent); orbhe procures, directly or indirectly, an acquisition or disposal of the securities by any other person.2For the purposes of this Part, “acquire”, in relation to a security, includes—aagreeing to acquire the security; andbentering into a contract which creates the security.3For the purposes of this Part, “dispose”, in relation to a security, includes—aagreeing to dispose of the security; andbbringing to an end a contract which created the security.4For the purposes of subsection (1), a person procures an acquisition or disposal of a security if the security is acquired or disposed of by a person who is—ahis agent,bhis nominee, orca person who is acting at his direction,in relation to the acquisition or disposal.5Subsection (4) is not exhaustive as to the circumstances in which one person may be regarded as procuring an acquisition or disposal of securities by another.“Inside information”, <Abbreviation Expansion="et cetera" xml:lang="la">etc.</Abbreviation>561For the purposes of this section and section 57, “inside information” means information which—arelates to particular securities or to a particular issuer of securities or to particular issuers of securities and not to securities generally or to issuers of securities generally;bis specific or precise;chas not been made public; anddif it were made public would be likely to have a significant effect on the price of any securities.2For the purposes of this Part, securities are “price-affected securities” in relation to inside information, and inside information is “price-sensitive information” in relation to securities, if and only if the information would, if made public, be likely to have a significant effect on the price of the securities.3For the purposes of this section “price” includes value.“Insiders”.571For the purposes of this Part, a person has information as an insider if and only if—ait is, and he knows that it is, inside information, andbhe has it, and knows that he has it, from an inside source.2For the purposes of subsection (1), a person has information from an inside source if and only if—ahe has it through—ibeing a director, employee or shareholder of an issuer of securities; oriihaving access to the information by virtue of his employment, office or profession; orbthe direct or indirect source of his information is a person within paragraph (a). Information “made public”.581For the purposes of section 56, “made public”, in relation to information, shall be construed in accordance with the following provisions of this section; but those provisions are not exhaustive as to the meaning of that expression.2Information is made public if—ait is published in accordance with the rules of a regulated market for the purpose of informing investors and their professional advisers;bit is contained in records which by virtue of any enactment are open to inspection by the public;cit can be readily acquired by those likely to deal in any securities—ito which the information relates, oriiof an issuer to which the information relates; ordit is derived from information which has been made public.3Information may be treated as made public even though—ait can be acquired only by persons exercising diligence or expertise;bit is communicated to a section of the public and not to the public at large;cit can be acquired only by observation;dit is communicated only on payment of a fee; oreit is published only outside the United Kingdom.“Professional intermediary”.591For the purposes of this Part, a “professional intermediary” is a person—awho carries on a business consisting of an activity mentioned in subsection (2) and who holds himself out to the public or any section of the public (including a section of the public constituted by persons such as himself) as willing to engage in any such business; orbwho is employed by a person falling within paragraph (a) to carry out any such activity.2The activities referred to in subsection (1) are—aacquiring or disposing of securities (whether as principal or agent); orbacting as an intermediary between persons taking part in any dealing in securities.3A person is not to be treated as carrying on a business consisting of an activity mentioned in subsection (2)—aif the activity in question is merely incidental to some other activity not falling within subsection (2); orbmerely because he occasionally conducts one of those activities.4For the purposes of section 52, a person dealing in securities relies on a professional intermediary if and only if a person who is acting as a professional intermediary carries out an activity mentioned in subsection (2) in relation to that dealing. Other interpretation provisions.601For the purposes of this Part, “regulated market” means any market, however operated, which, by an order made by the Treasury, is identified (whether by name or by reference to criteria prescribed by the order) as a regulated market for the purposes of this Part.2For the purposes of this Part an “issuer”, in relation to any securities, means any company, public sector body or individual by which or by whom the securities have been or are to be issued.3For the purposes of this Part—acompany” means any body (whether or not incorporated and wherever incorporated or constituted) which is not a public sector body; andbpublic sector body” means—ithe government of the United Kingdom, of Northern Ireland or of any country or territory outside the United Kingdom;iia local authority in the United Kingdom or elsewhere;iiiany international organisation the members of which include the United Kingdom or another member state;ivthe Bank of England; orvthe central bank of any sovereign State.4For the purposes of this Part, information shall be treated as relating to an issuer of securities which is a company not only where it is about the company but also where it may affect the company’s business prospects. Miscellaneous Penalties and prosecution.611An individual guilty of insider dealing shall be liable—aon summary conviction, to a fine not exceeding the statutory maximum or imprisonment for a term not exceeding six months or to both; orbon conviction on indictment, to a fine or imprisonment for a term not exceeding seven years or to both.2Proceedings for offences under this Part shall not be instituted in England and Wales except by or with the consent of—athe Secretary of State; orbthe Director of Public Prosecutions.3In relation to proceedings in Northern Ireland for offences under this Part, subsection (2) shall have effect as if the reference to the Director of Public Prosecutions were a reference to the Director of Public Prosecutions for Northern Ireland.<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">Summary proceedings: venue and time limit for proceedings</Addition>61A1Summary proceedings for an offence of insider dealing may (without prejudice to any jurisdiction exercisable apart from this subsection) be brought against an individual at any place at which the individual is for the time being.2An information relating to an offence of insider dealing that is triable by a magistrates’ court in England and Wales may be so tried if it is laid—aat any time within three years after the commission of the offence, andbwithin twelve months after the date on which evidence sufficient in the opinion of the Director of Public Prosecutions or the Secretary of State (as the case may be) to justify the proceedings comes to that person’s knowledge.3Summary proceedings in Scotland for an offence of insider dealing—amust not be commenced after the expiration of three years from the commission of the offence;bsubject to that, may be commenced at any time—iwithin twelve months after the date on which evidence sufficient in the Lord Advocate’s opinion to justify the proceedings came to that person’s knowledge, oriiwhere such evidence was reported to the Lord Advocate by the Secretary of State, within twelve months after the date on which it came to the knowledge of the latter.Section 136(3) of the Criminal Procedure (Scotland) Act 1995 (date when proceedings deemed to be commenced) applies for the purposes of this subsection as for the purposes of that section.4A magistrates’ court in Northern Ireland has jurisdiction to hear and determine a complaint charging the commission of a summary offence of insider dealing provided that the complaint is made—awithin three years from the time when the offence was committed, andbwithin twelve months from the date on which evidence sufficient in the opinion of the Director of Public Prosecutions for Northern Ireland or the Secretary of State (as the case may be) to justify the proceedings comes to that person’s knowledge.5For the purposes of this section a certificate of the Director of Public Prosecutions, the Lord Advocate, the Director of Public Prosecutions for Northern Ireland or the Secretary of State (as the case may be) as to the date on which such evidence as is referred to above came to that person’s notice is conclusive evidence. Territorial scope of offence of insider dealing.621An individual is not guilty of an offence falling within subsection (1) of section 52 unless—ahe was within the United Kingdom at the time when he is alleged to have done any act constituting or forming part of the alleged dealing;bthe regulated market on which the dealing is alleged to have occurred is one which, by an order made by the Treasury, is identified (whether by name or by reference to criteria prescribed by the order) as being, for the purposes of this Part, regulated in the United Kingdom; orcthe professional intermediary was within the United Kingdom at the time when he is alleged to have done anything by means of which the offence is alleged to have been committed.2An individual is not guilty of an offence falling within subsection (2) of section 52 unless—ahe was within the United Kingdom at the time when he is alleged to have disclosed the information or encouraged the dealing; orbthe alleged recipient of the information or encouragement was within the United Kingdom at the time when he is alleged to have received the information or encouragement. Limits on section 52.631Section 52 does not apply to anything done by an individual acting on behalf of a public sector body in pursuit of monetary policies or policies with respect to exchange rates or the management of public debt or foreign exchange reserves.2No contract shall be void or unenforceable by reason only of section 52. Orders.641Any power under this Part to make an order shall be exercisable by statutory instrument.2No order shall be made under this Part unless a draft of it has been laid before and approved by a resolution of each House of Parliament.3An order under this Part—amay make different provision for different cases; andbmay contain such incidental, supplemental and transitional provisions as the Treasury consider expedient.Pt. V (ss. 52-64) applied (E.W.N.I) (1.12.2001) by 2000 c. 8, s. 402(1)(a); S.I. 2001/3538, art. 2(1)S. 61A inserted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 141 (with art. 10)
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<dc:description> An Act to make provision about the jurisdiction of courts in England and Wales in relation to certain offences of dishonesty and blackmail; to amend the law about drug trafficking offences and to implement provisions of the Community Council Directive No. 91/308/EEC; to amend Part VI of the Criminal Justice Act 1988; to make provision with respect to the financing of terrorism, the proceeds of terrorist-related activities and the investigation of terrorist activities; to amend Part I of the Criminal Justice Act 1991; to implement provisions of the Community Council Directive No. 89/592/EEC and to amend and restate the law about insider dealing in securities; to provide for certain offences created by the Banking Coordination (Second Council Directive) Regulations 1992 to be punishable in the same way as offences under sections 39, 40 and 41 of the Banking Act 1987 and to enable regulations implementing Article 15 of the Community Council Directive No. 89/646/EEC and Articles 3, 6 and 7 of the Community Council Directive No. 92/30/EEC to create offences punishable in that way; to make provision with respect to the penalty for causing death by dangerous driving or causing death by careless driving while under the influence of drink or drugs; to make it an offence to assist in or induce certain conduct which for the purposes of, or in connection with, the provisions of Community law is unlawful in another member State; to provide for the introduction of safeguards in connection with the return of persons under backing of warrants arrangements; to amend the Criminal Procedure (Scotland) Act 1975 and Part I of the Prisoners and Criminal Proceedings (Scotland) Act 1993; and for connected purposes.</dc:description>
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Part V
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<Title> INSIDER DEALING</Title>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/part/V/crossheading/the-offence-of-insider-dealing/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/part/V/crossheading/the-offence-of-insider-dealing" NumberOfProvisions="2" id="part-V-crossheading-the-offence-of-insider-dealing" RestrictStartDate="1994-03-01">
<Title> The offence of insider dealing</Title>
<P1group RestrictStartDate="1994-03-01">
<Title> The offence.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/52/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/52" id="section-52">
<Pnumber>52</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/52/1/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/52/1" id="section-52-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>An individual who has information as an insider is guilty of insider dealing if, in the circumstances mentioned in subsection (3), he deals in securities that are price-affected securities in relation to the information.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/52/2/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/52/2" id="section-52-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>An individual who has information as an insider is also guilty of insider dealing if—</Text>
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<Pnumber>a</Pnumber>
<P3para>
<Text>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 subsection (3); or</Text>
</P3para>
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<Pnumber>b</Pnumber>
<P3para>
<Text>he discloses the information, otherwise than in the proper performance of the functions of his employment, office or profession, to another person.</Text>
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</P2para>
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<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/52/3/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/52/3" id="section-52-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>The circumstances referred to above 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.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/52/4/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/52/4" id="section-52-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>This section has effect subject to section 53.</Text>
</P2para>
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<P1group ConfersPower="true" RestrictStartDate="1994-03-01">
<Title> Defences.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/53/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/53" id="section-53">
<Pnumber>53</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/53/1/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/53/1" id="section-53-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>An individual is not guilty of insider dealing by virtue of dealing in securities if he shows—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/53/1/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/53/1/a" id="section-53-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>that he did not at the time expect the dealing to result in a profit attributable to the fact that the information in question was price-sensitive information in relation to the securities, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/53/1/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/53/1/b" id="section-53-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>that at the time he believed on reasonable grounds that the information had been disclosed widely enough to ensure that none of those taking part in the dealing would be prejudiced by not having the information, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/53/1/c/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/53/1/c" id="section-53-1-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>that he would have done what he did even if he had not had the information.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/53/2/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/53/2" id="section-53-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>An individual is not guilty of insider dealing by virtue of encouraging another person to deal in securities if he shows—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/53/2/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/53/2/a" id="section-53-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>that he did not at the time expect the dealing to result in a profit attributable to the fact that the information in question was price-sensitive information in relation to the securities, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/53/2/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/53/2/b" id="section-53-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>that at the time he believed on reasonable grounds that the information had been or would be disclosed widely enough to ensure that none of those taking part in the dealing would be prejudiced by not having the information, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/53/2/c/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/53/2/c" id="section-53-2-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>that he would have done what he did even if he had not had the information.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/53/3/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/53/3" id="section-53-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>An individual is not guilty of insider dealing by virtue of a disclosure of information if he shows—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/53/3/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/53/3/a" id="section-53-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>that he did not at the time expect any person, because of the disclosure, to deal in securities in the circumstances mentioned in subsection (3) of section 52; or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/53/3/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/53/3/b" id="section-53-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>that, although he had such an expectation at the time, he did not expect the dealing to result in a profit attributable to the fact that the information was price-sensitive information in relation to the securities.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/53/4/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/53/4" id="section-53-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Schedule 1 (special defences) shall have effect.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/53/5/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/53/5" id="section-53-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>The Treasury may by order amend Schedule 1.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/53/6/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/53/6" id="section-53-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>In this section references to a profit include references to the avoidance of a loss.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/part/V/crossheading/interpretation/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/part/V/crossheading/interpretation" NumberOfProvisions="7" id="part-V-crossheading-interpretation" RestrictStartDate="1994-03-01">
<Title> Interpretation</Title>
<P1group ConfersPower="true" RestrictStartDate="1994-03-01">
<Title> Securities to which Part V applies.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/54/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/54" id="section-54">
<Pnumber>54</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/54/1/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/54/1" id="section-54-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>This Part applies to any security which—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/54/1/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/54/1/a" id="section-54-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>falls within any paragraph of Schedule 2; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/54/1/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/54/1/b" id="section-54-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>satisfies any conditions applying to it under an order made by the Treasury for the purposes of this subsection;</Text>
</P3para>
</P3>
<Text>and in the provisions of this Part (other than that Schedule) any reference to a security is a reference to a security to which this Part applies.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/54/2/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/54/2" id="section-54-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>The Treasury may by order amend Schedule 2.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="1994-03-01">
<Title>“Dealing” in securities.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/55/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/55" id="section-55">
<Pnumber>55</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/55/1/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/55/1" id="section-55-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>For the purposes of this Part, a person deals in securities if—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/55/1/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/55/1/a" id="section-55-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>he acquires or disposes of the securities (whether as principal or agent); or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/55/1/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/55/1/b" id="section-55-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>he procures, directly or indirectly, an acquisition or disposal of the securities by any other person.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/55/2/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/55/2" id="section-55-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
For the purposes of this Part, “
<Term id="term-acquire">acquire</Term>
”, in relation to a security, includes—
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/55/2/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/55/2/a" id="section-55-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>agreeing to acquire the security; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/55/2/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/55/2/b" id="section-55-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>entering into a contract which creates the security.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/55/3/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/55/3" id="section-55-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>
For the purposes of this Part, “
<Term id="term-dispose">dispose</Term>
”, in relation to a security, includes—
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/55/3/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/55/3/a" id="section-55-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>agreeing to dispose of the security; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/55/3/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/55/3/b" id="section-55-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>bringing to an end a contract which created the security.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/55/4/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/55/4" id="section-55-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>For the purposes of subsection (1), a person procures an acquisition or disposal of a security if the security is acquired or disposed of by a person who is—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/55/4/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/55/4/a" id="section-55-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>his agent,</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/55/4/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/55/4/b" id="section-55-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>his nominee, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/55/4/c/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/55/4/c" id="section-55-4-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>a person who is acting at his direction,</Text>
</P3para>
</P3>
<Text>in relation to the acquisition or disposal.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/55/5/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/55/5" id="section-55-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>Subsection (4) is not exhaustive as to the circumstances in which one person may be regarded as procuring an acquisition or disposal of securities by another.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="1994-03-01">
<Title>
“Inside information”,
<Abbreviation Expansion="et cetera" xml:lang="la">etc.</Abbreviation>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/56/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/56" id="section-56">
<Pnumber>56</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/56/1/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/56/1" id="section-56-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
For the purposes of this section and section 57, “
<Term id="term-inside-information">inside information</Term>
” means information which—
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/56/1/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/56/1/a" id="section-56-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>relates to particular securities or to a particular issuer of securities or to particular issuers of securities and not to securities generally or to issuers of securities generally;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/56/1/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/56/1/b" id="section-56-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>is specific or precise;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/56/1/c/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/56/1/c" id="section-56-1-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>has not been made public; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/56/1/d/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/56/1/d" id="section-56-1-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>if it were made public would be likely to have a significant effect on the price of any securities.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/56/2/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/56/2" id="section-56-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
For the purposes of this Part, securities are “
<Term id="term-price-affected-securities">price-affected securities</Term>
” in relation to inside information, and inside information is “
<Term id="term-price-sensitive-information">price-sensitive information</Term>
” in relation to securities, if and only if the information would, if made public, be likely to have a significant effect on the price of the securities.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/56/3/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/56/3" id="section-56-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>
For the purposes of this section “
<Term id="term-price">price</Term>
” includes value.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="1994-03-01">
<Title>“Insiders”.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/57/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/57" id="section-57">
<Pnumber>57</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/57/1/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/57/1" id="section-57-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>For the purposes of this Part, a person has information as an insider if and only if—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/57/1/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/57/1/a" id="section-57-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>it is, and he knows that it is, inside information, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/57/1/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/57/1/b" id="section-57-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>he has it, and knows that he has it, from an inside source.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/57/2/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/57/2" id="section-57-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>For the purposes of subsection (1), a person has information from an inside source if and only if—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/57/2/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/57/2/a" id="section-57-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>he has it through—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/57/2/a/i/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/57/2/a/i" id="section-57-2-a-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>being a director, employee or shareholder of an issuer of securities; or</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/57/2/a/ii/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/57/2/a/ii" id="section-57-2-a-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>having access to the information by virtue of his employment, office or profession; or</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/57/2/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/57/2/b" id="section-57-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the direct or indirect source of his information is a person within paragraph (a).</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="1994-03-01">
<Title> Information “made public”.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/58/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/58" id="section-58">
<Pnumber>58</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/58/1/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/58/1" id="section-58-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
For the purposes of section 56, “
<Term id="term-made-public">made public</Term>
”, in relation to information, shall be construed in accordance with the following provisions of this section; but those provisions are not exhaustive as to the meaning of that expression.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/58/2/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/58/2" id="section-58-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Information is made public if—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/58/2/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/58/2/a" id="section-58-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>it is published in accordance with the rules of a regulated market for the purpose of informing investors and their professional advisers;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/58/2/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/58/2/b" id="section-58-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>it is contained in records which by virtue of any enactment are open to inspection by the public;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/58/2/c/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/58/2/c" id="section-58-2-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>it can be readily acquired by those likely to deal in any securities—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/58/2/c/i/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/58/2/c/i" id="section-58-2-c-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>to which the information relates, or</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/58/2/c/ii/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/58/2/c/ii" id="section-58-2-c-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>of an issuer to which the information relates; or</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/58/2/d/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/58/2/d" id="section-58-2-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>it is derived from information which has been made public.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/58/3/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/58/3" id="section-58-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Information may be treated as made public even though—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/58/3/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/58/3/a" id="section-58-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>it can be acquired only by persons exercising diligence or expertise;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/58/3/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/58/3/b" id="section-58-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>it is communicated to a section of the public and not to the public at large;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/58/3/c/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/58/3/c" id="section-58-3-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>it can be acquired only by observation;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/58/3/d/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/58/3/d" id="section-58-3-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>it is communicated only on payment of a fee; or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/58/3/e/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/58/3/e" id="section-58-3-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>it is published only outside the United Kingdom.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="1994-03-01">
<Title>“Professional intermediary”.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/59/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/59" id="section-59">
<Pnumber>59</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/59/1/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/59/1" id="section-59-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
For the purposes of this Part, a “
<Term id="term-professional-intermediary">professional intermediary</Term>
” is a person—
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/59/1/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/59/1/a" id="section-59-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>who carries on a business consisting of an activity mentioned in subsection (2) and who holds himself out to the public or any section of the public (including a section of the public constituted by persons such as himself) as willing to engage in any such business; or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/59/1/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/59/1/b" id="section-59-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>who is employed by a person falling within paragraph (a) to carry out any such activity.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/59/2/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/59/2" id="section-59-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>The activities referred to in subsection (1) are—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/59/2/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/59/2/a" id="section-59-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>acquiring or disposing of securities (whether as principal or agent); or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/59/2/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/59/2/b" id="section-59-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>acting as an intermediary between persons taking part in any dealing in securities.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/59/3/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/59/3" id="section-59-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>A person is not to be treated as carrying on a business consisting of an activity mentioned in subsection (2)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/59/3/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/59/3/a" id="section-59-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>if the activity in question is merely incidental to some other activity not falling within subsection (2); or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/59/3/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/59/3/b" id="section-59-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>merely because he occasionally conducts one of those activities.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/59/4/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/59/4" id="section-59-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>For the purposes of section 52, a person dealing in securities relies on a professional intermediary if and only if a person who is acting as a professional intermediary carries out an activity mentioned in subsection (2) in relation to that dealing.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group ConfersPower="true" RestrictStartDate="1994-03-01">
<Title> Other interpretation provisions.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/60/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/60" id="section-60">
<Pnumber>60</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/60/1/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/60/1" id="section-60-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
For the purposes of this Part, “
<Term id="term-regulated-market">regulated market</Term>
” means any market, however operated, which, by an order made by the Treasury, is identified (whether by name or by reference to criteria prescribed by the order) as a regulated market for the purposes of this Part.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/60/2/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/60/2" id="section-60-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
For the purposes of this Part an “
<Term id="term-issuer">issuer</Term>
”, in relation to any securities, means any company, public sector body or individual by which or by whom the securities have been or are to be issued.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/60/3/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/60/3" id="section-60-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>For the purposes of this Part—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/60/3/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/60/3/a" id="section-60-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
<Term id="term-company">company</Term>
” means any body (whether or not incorporated and wherever incorporated or constituted) which is not a public sector body; and
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/60/3/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/60/3/b" id="section-60-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
<Term id="term-public-sector-body">public sector body</Term>
” means—
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/60/3/b/i/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/60/3/b/i" id="section-60-3-b-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>the government of the United Kingdom, of Northern Ireland or of any country or territory outside the United Kingdom;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/60/3/b/ii/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/60/3/b/ii" id="section-60-3-b-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>a local authority in the United Kingdom or elsewhere;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/60/3/b/iii/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/60/3/b/iii" id="section-60-3-b-iii">
<Pnumber>iii</Pnumber>
<P4para>
<Text>any international organisation the members of which include the United Kingdom or another member state;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/60/3/b/iv/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/60/3/b/iv" id="section-60-3-b-iv">
<Pnumber>iv</Pnumber>
<P4para>
<Text>the Bank of England; or</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/60/3/b/v/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/60/3/b/v" id="section-60-3-b-v">
<Pnumber>v</Pnumber>
<P4para>
<Text>the central bank of any sovereign State.</Text>
</P4para>
</P4>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/60/4/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/60/4" id="section-60-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>For the purposes of this Part, information shall be treated as relating to an issuer of securities which is a company not only where it is about the company but also where it may affect the company’s business prospects.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/part/V/crossheading/miscellaneous/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/part/V/crossheading/miscellaneous" NumberOfProvisions="5" RestrictEndDate="2021-11-01" id="part-V-crossheading-miscellaneous" RestrictStartDate="2009-10-01" RestrictExtent="E+W+S+N.I.">
<Title> Miscellaneous</Title>
<P1group RestrictEndDate="2021-11-01" RestrictStartDate="1994-03-01" RestrictExtent="E+W+S+N.I.">
<Title> Penalties and prosecution.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61" id="section-61">
<Pnumber>61</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61/1/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61/1" id="section-61-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>An individual guilty of insider dealing shall be liable—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61/1/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61/1/a" id="section-61-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>on summary conviction, to a fine not exceeding the statutory maximum or imprisonment for a term not exceeding six months or to both; or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61/1/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61/1/b" id="section-61-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>on conviction on indictment, to a fine or imprisonment for a term not exceeding seven years or to both.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61/2/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61/2" id="section-61-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Proceedings for offences under this Part shall not be instituted in England and Wales except by or with the consent of—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61/2/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61/2/a" id="section-61-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the Secretary of State; or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61/2/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61/2/b" id="section-61-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the Director of Public Prosecutions.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61/3/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61/3" id="section-61-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In relation to proceedings in Northern Ireland for offences under this Part, subsection (2) shall have effect as if the reference to the Director of Public Prosecutions were a reference to the Director of Public Prosecutions for Northern Ireland.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2009-10-01">
<Title>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">Summary proceedings: venue and time limit for proceedings</Addition>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61A/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61A" id="section-61A">
<Pnumber PuncAfter=".">
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">61A</Addition>
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61A/1/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61A/1" id="section-61A-1">
<Pnumber>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">1</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">Summary proceedings for an offence of insider dealing may (without prejudice to any jurisdiction exercisable apart from this subsection) be brought against an individual at any place at which the individual is for the time being.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61A/2/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61A/2" id="section-61A-2">
<Pnumber>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">2</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">An information relating to an offence of insider dealing that is triable by a magistrates’ court in England and Wales may be so tried if it is laid—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61A/2/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61A/2/a" id="section-61A-2-a">
<Pnumber>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">a</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">at any time within three years after the commission of the offence, and</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61A/2/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61A/2/b" id="section-61A-2-b">
<Pnumber>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">within twelve months after the date on which evidence sufficient in the opinion of the Director of Public Prosecutions or the Secretary of State (as the case may be) to justify the proceedings comes to that person’s knowledge.</Addition>
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61A/3/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61A/3" id="section-61A-3">
<Pnumber>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">3</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">Summary proceedings in Scotland for an offence of insider dealing—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61A/3/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61A/3/a" id="section-61A-3-a">
<Pnumber>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">a</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">must not be commenced after the expiration of three years from the commission of the offence;</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61A/3/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61A/3/b" id="section-61A-3-b">
<Pnumber>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">subject to that, may be commenced at any time—</Addition>
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61A/3/b/i/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61A/3/b/i" id="section-61A-3-b-i">
<Pnumber>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">i</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">within twelve months after the date on which evidence sufficient in the Lord Advocate’s opinion to justify the proceedings came to that person’s knowledge, or</Addition>
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61A/3/b/ii/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61A/3/b/ii" id="section-61A-3-b-ii">
<Pnumber>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">ii</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">where such evidence was reported to the Lord Advocate by the Secretary of State, within twelve months after the date on which it came to the knowledge of the latter.</Addition>
</Text>
</P4para>
</P4>
</P3para>
</P3>
<Text>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">Section 136(3) of the Criminal Procedure (Scotland) Act 1995 (date when proceedings deemed to be commenced) applies for the purposes of this subsection as for the purposes of that section.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61A/4/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61A/4" id="section-61A-4">
<Pnumber>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">4</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">A magistrates’ court in Northern Ireland has jurisdiction to hear and determine a complaint charging the commission of a summary offence of insider dealing provided that the complaint is made—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61A/4/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61A/4/a" id="section-61A-4-a">
<Pnumber>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">a</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">within three years from the time when the offence was committed, and</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61A/4/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61A/4/b" id="section-61A-4-b">
<Pnumber>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">within twelve months from the date on which evidence sufficient in the opinion of the Director of Public Prosecutions for Northern Ireland or the Secretary of State (as the case may be) to justify the proceedings comes to that person’s knowledge.</Addition>
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/61A/5/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61A/5" id="section-61A-5">
<Pnumber>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">5</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="key-d595aa69567e77ceee400214f72f3978-1520186877269" CommentaryRef="key-d595aa69567e77ceee400214f72f3978">For the purposes of this section a certificate of the Director of Public Prosecutions, the Lord Advocate, the Director of Public Prosecutions for Northern Ireland or the Secretary of State (as the case may be) as to the date on which such evidence as is referred to above came to that person’s notice is conclusive evidence.</Addition>
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group ConfersPower="true" RestrictStartDate="1994-03-01">
<Title> Territorial scope of offence of insider dealing.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/62/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/62" id="section-62">
<Pnumber>62</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/62/1/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/62/1" id="section-62-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>An individual is not guilty of an offence falling within subsection (1) of section 52 unless—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/62/1/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/62/1/a" id="section-62-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>he was within the United Kingdom at the time when he is alleged to have done any act constituting or forming part of the alleged dealing;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/62/1/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/62/1/b" id="section-62-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the regulated market on which the dealing is alleged to have occurred is one which, by an order made by the Treasury, is identified (whether by name or by reference to criteria prescribed by the order) as being, for the purposes of this Part, regulated in the United Kingdom; or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/62/1/c/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/62/1/c" id="section-62-1-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>the professional intermediary was within the United Kingdom at the time when he is alleged to have done anything by means of which the offence is alleged to have been committed.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/62/2/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/62/2" id="section-62-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>An individual is not guilty of an offence falling within subsection (2) of section 52 unless—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/62/2/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/62/2/a" id="section-62-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>he was within the United Kingdom at the time when he is alleged to have disclosed the information or encouraged the dealing; or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/62/2/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/62/2/b" id="section-62-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the alleged recipient of the information or encouragement was within the United Kingdom at the time when he is alleged to have received the information or encouragement.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="1994-03-01">
<Title> Limits on section 52.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/63/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/63" id="section-63">
<Pnumber>63</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/63/1/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/63/1" id="section-63-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Section 52 does not apply to anything done by an individual acting on behalf of a public sector body in pursuit of monetary policies or policies with respect to exchange rates or the management of public debt or foreign exchange reserves.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/63/2/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/63/2" id="section-63-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>No contract shall be void or unenforceable by reason only of section 52.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group ConfersPower="true" RestrictStartDate="1994-03-01">
<Title> Orders.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/64/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/64" id="section-64">
<Pnumber>64</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/64/1/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/64/1" id="section-64-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Any power under this Part to make an order shall be exercisable by statutory instrument.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/64/2/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/64/2" id="section-64-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>No order shall be made under this Part unless a draft of it has been laid before and approved by a resolution of each House of Parliament.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/64/3/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/64/3" id="section-64-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>An order under this Part—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/64/3/a/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/64/3/a" id="section-64-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>may make different provision for different cases; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1993/36/section/64/3/b/2009-10-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/64/3/b" id="section-64-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>may contain such incidental, supplemental and transitional provisions as the Treasury consider expedient.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
</Part>
</Body>
</Primary>
<Commentaries>
<Commentary id="c10498171" Type="C">
<Para>
<Text>
Pt. V (ss. 52-64) applied (E.W.N.I) (1.12.2001) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2000/8" id="c00339" Year="2000" Class="UnitedKingdomPublicGeneralAct" Number="8">2000 c. 8</Citation>
,
<CitationSubRef id="c00340" CitationRef="c00339" URI="http://www.legislation.gov.uk/id/ukpga/2000/8/section/402/1/a" Operative="true" SectionRef="section-402-1-a">s. 402(1)(a)</CitationSubRef>
;
<Citation URI="http://www.legislation.gov.uk/id/uksi/2001/3538" id="c00341" Class="UnitedKingdomStatutoryInstrument" Year="2001" Number="3538">S.I. 2001/3538</Citation>
,
<CitationSubRef id="c00342" CitationRef="c00341" URI="http://www.legislation.gov.uk/id/uksi/2001/3538/article/2/1" Operative="true" SectionRef="article-2-1">art. 2(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-d595aa69567e77ceee400214f72f3978" Type="F">
<Para>
<Text>
<CitationSubRef id="cvzczopa2-00006" SectionRef="section-61A" URI="http://www.legislation.gov.uk/id/ukpga/1993/36/section/61A">S. 61A</CitationSubRef>
inserted (1.10.2009) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2009/1941" id="cvzczopa2-00007" Class="UnitedKingdomStatutoryInstrument" Year="2009" Number="1941" Title="The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009">The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941)</Citation>
,
<CitationSubRef id="cvzczopa2-00008" CitationRef="cvzczopa2-00007" SectionRef="article-1-2" URI="http://www.legislation.gov.uk/id/uksi/2009/1941/article/1/2">art. 1(2)</CitationSubRef>
,
<CitationSubRef id="cvzczopa2-00009" CitationRef="cvzczopa2-00007" SectionRef="schedule-1-paragraph-141" URI="http://www.legislation.gov.uk/id/uksi/2009/1941/schedule/1/paragraph/141" Operative="true">Sch. 1 para. 141</CitationSubRef>
(with
<CitationSubRef id="cvzczopa2-00010" CitationRef="cvzczopa2-00007" SectionRef="article-10" URI="http://www.legislation.gov.uk/id/uksi/2009/1941/article/10">art. 10</CitationSubRef>
)
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>