95. Inside Information

(1) This section defines "Inside Information" for the purposes of these Regulations.
(2) In relation to Financial Instruments, Accepted Crypto Assets or Related Instruments which are not Commodity Derivatives, Inside Information is information of a Precise nature which —
(a) is not generally available;
(b) relates, directly or indirectly, to one or more Issuers of the Financial Instruments or to one or more of the Financial Instruments or Accepted Crypto Assets; and
(c) would, if generally available, be likely to have a significant effect on the price of the Financial Instruments, Accepted Crypto Assets or Related Instruments.
(3) In relation to Financial Instruments or Related Instruments which are Commodity Derivatives, Inside Information is information of a Precise nature which —
(a) is not generally available;
(b) relates, directly or indirectly, to one or more such derivatives; and
(c) users of markets on which the derivatives are traded would expect to receive in accordance with any Accepted Market Practices on those markets.
(4) In relation to a person charged with the execution of orders concerning any Financial Instruments, Accepted Crypto Assets or Related Instruments, Inside Information includes information conveyed by a client and related to the client's pending orders which —
(a) is of a Precise nature;
(b) is not generally available;
(c) relates, directly or indirectly, to one or more Issuers of Financial Instruments or to one or more Financial Instruments; and
(d) would, if generally available, be likely to have a significant effect on the price of those Financial Instruments, Accepted Crypto Assets or Related Instruments.
(5) Information is Precise if it —
(a) indicates circumstances that exist or may reasonably be expected to come into existence or an event that has occurred or may reasonably be expected to occur; and
(b) is specific enough to enable a conclusion to be drawn as to the possible effect of those circumstances or that event on the price of Financial Instruments or Related Instruments.
(6) Information would be likely to have a significant effect on price if and only if it is information of a kind which a reasonable investor would be likely to use as part of the basis of his investment decisions.
(7) For the purposes of subsection (3)(c), users of markets on which investments in Commodity Derivatives are traded are to be treated as expecting to receive information relating directly or indirectly to one or more such derivatives in accordance with any Accepted Market Practices, which is —
(a) routinely made available to the users of those markets; or
(b) required to be disclosed in accordance with any statutory provision, market rules, or contracts or customs on the relevant underlying commodity market or Commodity Derivatives market.
(8) Information which can be obtained by research or analysis conducted by, or on behalf of, users of a market is to be regarded, for the purposes of this Part, as being generally available to them.
Amended on June 25, 2018