1986 c. 60.

1986 c. 60.

http://www.legislation.gov.uk/ukpga/1993/36/schedule/1/1995-02-03Criminal 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 Database2024-02-131995-02-03 SCHEDULESSCHEDULE 1

Section 53(4).

Special defences Market makers11

An individual is not guilty of insider dealing by virtue of dealing in securities or encouraging another person to deal if he shows that he acted in good faith in the course of—

a

his business as a market maker, or

b

his employment in the business of a market maker.

2

A market maker is a person who—

a

holds himself out at all normal times in compliance with the rules of a regulated market or an approved organisation as willing to acquire or dispose of securities; and

b

is recognised as doing so under those rules.

3

In this paragraph “approved organisation” means an international securities self-regulating organisation approved under paragraph 25B of Schedule 1 to the Financial Services Act 1986.

Market information21

An individual is not guilty of insider dealing by virtue of dealing in securities or encouraging another person to deal if he shows that—

a

the information which he had as an insider was market information; and

b

it was reasonable for an individual in his position to have acted as he did despite having that information as an insider at the time.

2

In determining whether it is reasonable for an individual to do any act despite having market information at the time, there shall, in particular, be taken into account—

a

the content of the information;

b

the circumstances in which he first had the information and in what capacity; and

c

the capacity in which he now acts.

3

An individual is not guilty of insider dealing by virtue of dealing in securities or encouraging another person to deal if he shows—

a

that he acted—

i

in connection with an acquisition or disposal which was under consideration or the subject of negotiation, or in the course of a series of such acquisitions or disposals; and

ii

with a view to facilitating the accomplishment of the acquisition or disposal or the series of acquisitions or disposals; and

b

that the information which he had as an insider was market information arising directly out of his involvement in the acquisition or disposal or series of acquisitions or disposals.

4

For the purposes of paragraphs 2 and 3 market information is information consisting of one or more of the following facts—

a

that securities of a particular kind have been or are to be acquired or disposed of, or that their acquisition or disposal is under consideration or the subject of negotiation;

b

that securities of a particular kind have not been or are not to be acquired or disposed of;

c

the number of securities acquired or disposed of or to be acquired or disposed of or whose acquisition or disposal is under consideration or the subject of negotiation;

d

the price (or range of prices) at which securities have been or are to be acquired or disposed of or the price (or range of prices) at which securities whose acquisition or disposal is under consideration or the subject of negotiation may be acquired or disposed of;

e

the identity of the persons involved or likely to be involved in any capacity in an acquisition or disposal.

Price stabilisation51

An individual is not guilty of insider dealing by virtue of dealing in securities or encouraging another person to deal if he shows that he acted in conformity with the price stabilisation rules.

2

In this paragraph “the price stabilisation rules” means rules which—

a

are made under section 48 of the Financial Services Act 1986 (conduct of business rules); and

b

make provision of a description mentioned in paragraph (i) of subsection (2) of that section (price stabilisation rules).

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<num>5</num>
<heading/>
<subparagraph eId="schedule-1-paragraph-5-1">
<num>1</num>
<content>
<p>An individual is not guilty of insider dealing by virtue of dealing in securities or encouraging another person to deal if he shows that he acted in conformity with the price stabilisation rules.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-1-paragraph-5-2">
<num>2</num>
<intro>
<p>
In this paragraph “
<term refersTo="#term-the-price-stabilisation-rules">the price stabilisation rules</term>
” means rules which—
</p>
</intro>
<paragraph eId="schedule-1-paragraph-5-2-a">
<num>a</num>
<content>
<p>
are made under section 48 of the
<noteRef href="#c10499241" marker="M2" class="commentary M"/>
Financial Services Act 1986 (conduct of business rules); and
</p>
</content>
</paragraph>
<paragraph eId="schedule-1-paragraph-5-2-b">
<num>b</num>
<content>
<p>make provision of a description mentioned in paragraph (i) of subsection (2) of that section (price stabilisation rules).</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
</hcontainer>
</hcontainer>
</hcontainer>
</portionBody>
</portion>
</akomaNtoso>