The defence of insanity is defined by the 'M'Naghten Rules', which were formulated by judges in 1843 following the acquittal of Daniel M'Naghten (who, intending to kill Sir Robert Peel, killed his secretary by mistake),

In the context of the UK Market Abuse Regulation (Retained Regulation (EU) No 596/2014) and the DTR information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more issuers or to one or more financial instruments, and which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments or on the price of related derivative financial instruments (see Article 7 of the UK Market Abuse Regulation). In the context of the criminal insider dealing regime under the Criminal Justice Act 1993, information which relates to particular securities or to a particular issuer of securities and not to securities or issuers of securities generally, is specific and precise, has not been made public, and if it were made public would be likely to have a significant effect on the price of any securities.

For a residence, the telephone wiring usually starts where the line enters the house. It is called the demarcation line. For businesses, the location of the demarcation point varies.

MLex: The EU AI Act places tight obligations on AI models deemed to entail a ‘systemic risk’. Still, recent developments such as the emergence of a new paradigm based on Reinforcement Learning techniques and advancements in compute efficiency are challenging the main designation method before the rules even take effect. The search for alternative designation criteria has already started, but EU officials will face a challenging time in trying to keep up with a technology moving at breakneck speed.

In the context of the UK Market Abuse Regulation (Retained Regulation (EU) No 596/2014), a person who possess inside information as a result of: (a) being a member of the administrative, management or supervisory bodies of the issuer; (b) having a holding in the capital of the issuer; (c) having access to the information through the exercise of an employment, profession or duties; or (d) being involved in criminal activities. A person is also an insider if the person possesses inside information under circumstances other than those referred to above, where that person knows or ought to know that it is inside information. See Article 8(4) of the UK Market Abuse Regulation. In the context of the criminal insider dealing regime under the Criminal Justice Act 1993, a person who has inside information which they know is inside information knowingly from an inside source. See section 57 of the Criminal Justice Act 1993.

The Criminal Justice Act 1993, s 52, defines the offence of insider dealing.

In the context of the UK Market Abuse Regulation (Retained Regulation (EU) No 596/2014), where a person possesses inside information and uses that information by acquiring or disposing of, for their own account or for the account of a third party, directly or indirectly, financial instruments to which that information relates. See Article 8(1) of the UK Market Abuse Regulation In the context of the criminal insider dealing regime under the Criminal Justice Act 1993, an insider in possession of inside information dealing on a regulated market in securities that are price-affected securities in relation to the information or encouraging another person to deal in price affected securities or disclosing the information to another otherwise than in the proper performance of their employment, office or profession. See section 52 of the Criminal Justice Act 1993.

This Practice Note explains the available statutory defences to the three criminal offences of insider dealing contained in the Criminal Justice Act 1993 (CJA 1993)—the ‘dealing offence’, the ‘encouragement offence’ and the ‘disclosing offence’. This Practice Note should be read in conjunction with Practice Note: Insider dealing—the criminal offence which explains the elements of the three criminal insider dealing offences. For information on the civil/regulatory insider dealing regime, see Practice Note: UK Market Abuse Regulation—insider dealing. General defences The statutory defences to the three criminal insider dealing offences are found in CJA 1993, s 53. It is for the defence to prove on the balance of probabilities that a defence is made out. General defences to the dealing offence and encouraging offence There are three general defences to the dealing offence or the encouraging offence. An individual is not guilty of the dealing offence or the encouraging offence if they are able to prove that: • at the time, they did not expect the dealing to result in a profit or the avoidance

Archived: This Practice Note has been archived and is not maintained. Insider dealing is the use of sensitive or privileged information that has not yet been released to the public to take advantage of the market. When someone in possession of inside information uses that information to deal in securities that are price-affected securities this constitutes the offence. For detailed information about the offence of insider dealing, including the maximum sentences which may be imposed following conviction, see Practice Notes: Insider dealing—the criminal offence and Insider dealing—defences to criminal charges. Sentencing guidelines There are no offence specific sentencing guidelines for this offence. Therefore, the Sentencing Council’s General guideline: overarching principles will apply to the sentencing of all insider dealing offences. From that point, the sentencing courts must apply the guidelines to every case, unless the interests of justice dictate otherwise. See Practice Note: Sentencing Council General Guideline—Overarching Principles. However, the General guideline states that when it is applied, the courts should also take into account sentencing judgments of the Court of Appeal (Criminal Division)

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. For information on the civil/regulatory insider dealing regime, see Practice Note: UK Market Abuse Regulation—insider dealing. Insider dealing offences Insider dealing is the use of sensitive or privileged information that has not yet been released to the public in order to take advantage of the market. An offence is committed where someone in possession of inside information uses that information to deal in price-affected securities or to encourage another person to deal in price-affected securities, or where someone discloses the inside information to another otherwise than in the proper

An insider list is a record maintained by an issuer or other entity identifying all persons who have access to inside information about the issuer or its financial instruments, together with the time and circumstances in which that access arose and ceased. In practice, it is a core compliance tool in capital markets and listed company governance, used to manage market abuse risk and demonstrate regulatory compliance.For issuers with securities admitted to trading on UK or EU regulated markets or prescribed venues, insider lists are required under the UK Market Abuse Regulation (UK MAR) and the EU Market Abuse Regulation (EU MAR), as onshored or implemented in the UK, Ireland and, broadly consistently, across England & Wales, Scotland and Northern Ireland. Prescribed content includes names, roles, contact details, reasons for inclusion, and timestamps.Insider lists are used by compliance and company secretarial teams to control disclosure of inside information, supervise staff personal dealing, and respond to inquiries from regulators such as the FCA and the Central Bank of Ireland. Failure to keep accurate, up‑to‑date insider lists can be treated as a breach of market abuse and listing obligations, with significant regulatory, civil and reputational consequences.

This Practice Note considers the obligation of an issuer with financial instruments admitted to trading on certain UK trading venues (or who has requested such admission to trading) to keep an insider list under the UK Market Abuse Regulation (Assimilated Regulation (EU) No 596/2014), to protect and control the dissemination of inside information. The obligation also extends to any person acting on the issuer’s behalf or on their account. Companies with securities admitted to trading on the Main Market of the London Stock Exchange and those with securities admitted to trading on AIM fall within scope of the insider list requirements. However, the requirements for AIM companies are slightly relaxed. This Practice Note focuses on issuers of equity securities. Background The EU Market Abuse Regulation took effect across the EU on 3 July 2016. Its stated goal was to establish a common regulatory framework on insider dealing, the unlawful disclosure of inside information and market manipulation (all forms of market abuse) as well as measures to prevent market abuse to ensure the integrity of financial markets in the EU and to enhance