Insider dealing—a quick guide
Produced in partnership with Joanna Dimmock, Tom Hickey and Fred Kelly of White & Case LLP
Insider dealing—a quick guide

The following Corporate Crime practice note produced in partnership with Joanna Dimmock, Tom Hickey and Fred Kelly of White & Case LLP provides comprehensive and up to date legal information covering:

  • Insider dealing—a quick guide
  • Insider dealing offences
  • 'Insiders'
  • Inside source
  • 'Inside information'
  • Securities
  • Refraining from dealing
  • 'Dealing'
  • 'Professional intermediary'
  • Territorial scope
  • More...

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for corporate crime?

The criminal law relating to insider dealing is contained in Part V of the Criminal Justice Act 1993 (CJA 1993). The offences contained in CJA 1993 exist alongside the civil/regulatory regime governing market abuse as well as other criminal offences including those provided for under the Financial Services Act 2012 (FSA 2012) in relation to the making of misleading statements, misleading impressions and misleading statements etc in relation to benchmarks. Further information on these is available elsewhere in this subtopic.

This Practice Note should be read in conjunction with Practice Note: Insider dealing which provides further explanation and assessment of the criminal insider dealing offences.

Insider dealing offences

CJA 1993 creates three criminal offences. An individual is guilty of insider dealing if:

  1. they deal in securities that are 'price-affected' while in possession of information in relation to those securities (the Dealing Offence)

  2. they

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