5-3 Definition Of "Insider"

(1) The term "Insider" is defined in section 94 as meaning:

"...any person who has Inside Information:
(a) as a result of his membership of an administrative, management or supervisory body of an Issuer of Financial Instruments;
(b) as a result of his holding in the capital of an Issuer of Financial Instruments;
(c) as a result of having access to the information through the exercise of his employment, profession or duties;
(d) as a result of his criminal activities; or
(e) which he has obtained by other means and which he knows, or could reasonably be expected to know, is Inside Information."
(2) If a person has Inside Information in any of the circumstances set out in sections 94(a) to (d) then, in the Regulator's view, it is not necessary to show that the person knew that the information concerned was Inside Information. However, if the person has information in the circumstances set out in section 94(e), then that sub- paragraph requires that the person knew, or could reasonably be expected to know, that the information is Inside Information. For that purpose, a person could reasonably be expected to know, if:
(a) a normal and reasonable person in the position of the person holding the Inside Information would know or should have known that the person from whom he received such information was an Insider; and
(b) a normal and reasonable person in his position who has Inside Information would have known it is Inside Information.