Company Securities (Insider Dealing) Act 1985
| Jurisdiction | UK Non-devolved |
| Citation | 1985 c. 8 |
| Year | 1985 |
he holds by virtue of being connected with the company,it would be reasonable to expect a person so connected, and in the position by virtue of which he is so connected, not to disclose except for the proper performance of the functions attaching to that position, andhe knows is unpublished price sensitive information in relation to those securities.he holds by virtue of being connected with the first company,it would be reasonable to expect a person so connected, and in the position by virtue of which he is so connected, not to disclose except for the proper performance of the functions attaching to that position,he knows is unpublished price sensitive information in relation to those securities of that other company, andrelates to any transaction (actual or contemplated) involving both the first company and that other company, or involving one of them and securities of the other, or to the fact that any such transaction is no longer contemplated.is connected with a particular company, or was at any time in the 6 months preceding the obtaining of the information so connected, andthe former individual knows or has reasonable cause to believe held the information by virtue of being so connected, andthe former individual knows or has reasonable cause to believe that, because of the latter’s connection and position, it would be reasonable to expect him not to disclose the information except for the proper performance of the functions attaching to that position.shall not himself deal on a recognised stock exchange in securities of that company if he knows that the information is unpublished price sensitive information in relation to those securities, andshall not himself deal on a recognised stock exchange in securities of any other company if he knows that the information is unpublished price sensitive information in relation to those securities and it relates to any transaction (actual or contemplated) involving the first company and the other company, or involving one of them and securities of the other, or to the fact that any such transaction is no longer contemplated.(5) Subject to section 3, where an individual is contemplating, or has contemplated, making (whether with or without another person) a take-over offer for a company in a particular capacity, that individual shall not deal on a recognised stock exchange in securities of that company in another capacity if he knows that information that the offer is contemplated, or is no longer contemplated, is unpublished price sensitive information in relation to those securities.(6) Subject to section 3, where an individual has knowingly obtained (directly or indirectly) , from an individual to whom subsection (5) applies, information that the offer referred to in that subsection is being contemplated or is no longer contemplated, the former individual shall not himself deal on a recognised stock exchange in securities of that company if he knows that the information is unpublished price sensitive information in relation to those securities.(7) Subject to section 3, an individual who is for the time being prohibited by any provision of this section from dealing on a recognised stock exchange in any securities shall not counsel or procure any other person to deal in those securities, knowing or having reasonable cause to believe that that person would deal in them on a recognised stock exchange.(8) Subject to section 3, an individual who is for the time being prohibited as above mentioned from dealing on a recognised stock exchange in any securities by reason of his having any information, shall not communicate that information to any other person if he knows or has reasonable cause to believe that that or some other person will make use of the information for the purpose of dealing, or of counselling or procuring any other person to deal, on a recognised stock exchange in those securities.is held by a F2public servant or former F2public servant by virtue of his position or former position as a F2public servant, or is knowingly obtained by an individual (directly or indirectly) from a F2public servant or former F2public servant who he knows or has reasonable cause to believe held the information by virtue of any such position,it would be reasonable to expect an individual in the position of the F2public servant or former position of the former F2public servant not to disclose except for the proper performance of the functions attaching to that position, andthe individual holding it knows is unpublished price sensitive information in relation to securities of a particular company (“relevant securities”) .(2) This section applies to a F2public servant or former F2public servant holding information to which this section applies and to any individual who knowingly obtained any such information (directly or indirectly) from a F2public servant or former F2public servant who that individual knows or has reasonable cause to believe held the information by virtue of his position or former position as a F2public servant.shall not deal on a recognised stock exchange in any relevant securities,shall not counsel or procure any other person to deal in any such securities, knowing or having reasonable cause to believe that that other person would deal in them on a recognised stock exchange, andshall not communicate to any other person the information held or (as the case may be) obtained by him as mentioned in subsection (2) if he knows or has reasonable cause to believe that that or some other person will make use of the information for the purpose of dealing, or of counselling or procuring any other person to deal, on a recognised stock exchange in any such securities.a Crown servant;a member, officer or servant of a designated agency, competent authority or transferee body (within the meaning of the Financial Services Act 1986) ;an officer or servant of a recognised self-regulating organisation, recognised investment exchange or recognised clearing house (within the meaning of that Act) ;any person declared by an order for the time being in force under subsection (5) to be a public servant for the purposes of this section.(5) If it appears to the Secretary of State that the members, officers or employees of or persons otherwise connected with any body appearing to him to exercise public functions may have access to unpublished price sensitive information relating to securities, he may by order declare that those persons are to be public servants for the purposes of this section.(6) The power to make an order under subsection (5) shall be exercisable by statutory instrument and an instrument containing such an order shall be subject to annulment in pursuance of a resolution of either House of Parliament.
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