SCHEDULES
SCHEDULE 1 Special defences
Market information
2
1
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.