The Insider Dealing (Securities and Regulated Markets) Order 2023
| Jurisdiction | UK Non-devolved |
| Year | 2023 |
| Citation | SI 2023/582 |
2023 No. 582
Insider Dealing
The Insider Dealing (Securities and Regulated Markets) Order 2023
Made 25th May 2023
Coming into force 15th June 2023
The Treasury, in exercise of the powers conferred by sections 54(1) and (2), 60(1), 62(1)(b), and 64(3) of the Criminal Justice Act 19931, make the following Order.
In accordance with section 64(2) of the Criminal Justice Act 1993 a draft of this Order was laid before Parliament and approved by a resolution of each House of Parliament.
Citation, commencement and extent
1.—(1) This Order may be cited as the Insider Dealing (Securities and Regulated Markets) Order 2023 and comes into force 21 days after the day on which this Order is made.
(2) This Order extends to the United Kingdom.
Interpretation
2. In this Order—
“the 1993 Act” means the Criminal Justice Act 1993;
“EU multilateral trading facility” has the meaning given in Article 3(7B) of the market abuse regulation;
“EU organised trading facility” has the meaning given in Article 3(8B) of the market abuse regulation;
“EU regulated market” has the meaning given in Article 3(6B) of the market abuse regulation;
“Gibraltar organised trading facility” has the meaning given in Article 3(8C) of the market abuse regulation;
“Gibraltar multilateral trading facility” has the meaning given in Article 3(7C) of the market abuse regulation;
“Gibraltar regulated market” has the meaning given in Article 3(6C) of the market abuse regulation;
“the market abuse regulation” means Regulation (EU) No 596/2014 of the European Parliament and Council of 16 April 2014 on market abuse2;
“UK multilateral trading facility” has the meaning given in Article 3(7A) of the market abuse regulation;
“UK organised trading facility” has the meaning given in Article 3(8A) of the market abuse regulation;
“UK regulated market” has the meaning given in Article 3(6A) of the market abuse regulation.
Condition for the purposes of section 54(1)(b) of the 1993 Act
3. It is a condition for the purposes of section 54(1)(b) of the 1993 Act that a security which falls within any paragraph of Schedule 2 to that Act is also—
(a) a security admitted to trading on any market established under the rules of the investment exchange known as NASDAQ or for which a request for its admission to trading on NASDAQ has been made,
(b) a security admitted to trading on any market established under the rules of the investment exchange known as SIX Swiss Exchange or for which a request for its admission to trading on SIX Swiss Exchange has been made,
(c) a security admitted to trading on any market established under the rules of the investment exchange known as the New York Stock Exchange (NYSE) or for which a request for its admission to trading on NYSE has been made,
(d) a security admitted to trading on a UK, EU or Gibraltar regulated market or for which a request for its admission to trading on a UK, EU or Gibraltar regulated market has been made,
(e) a security traded on a UK, EU or Gibraltar multilateral trading facility, or admitted to trading on a UK, EU or Gibraltar multilateral trading facility, or for which a request for its admission to trading on a UK, EU or Gibraltar multilateral trading facility has been made,
(f) a security traded on a UK, EU or Gibraltar organised trading facility, or
(g) a security not falling within paragraphs (a) to (f) the price or value of which depends on, or has an effect on, the price or value of a security falling within those paragraphs.
Regulated markets for the purposes of Part 5 of the 1993 Act
4.—(1) Any market that meets the criteria in paragraph (2) is a regulated market for the purposes of section 60(1) of the 1993 Act.
(2) The criteria are that the market is—
(a)
(a) a UK, EU or Gibraltar regulated market,
(b)
(b) a UK, EU or Gibraltar multilateral trading facility,
(c)
(c) a UK, EU or Gibraltar organised trading facility,
(d)
(d) any market established under the rules of the investment exchange known as NASDAQ,
(e)
(e) any market established under the rules of the investment exchange known as SIX Swiss Exchange, or
(f)
(f) any market established under the rules of the investment exchange known as the New York Stock Exchange.
Regulated markets regulated in the United Kingdom for the purposes of Part 5 of the 1993 Act
5. A regulated market which is a recognised investment exchange under section 285(1)(a) of the Financial Services and Markets Act 20003but not an overseas investment exchange within the meaning of section 313(1) of that Act is regulated in the United Kingdom for the purposes of section 62(1)(b) of the 1993 Act.
Amendment of Schedule 2 to the 1993 Act
6. In Schedule 2 to the 1993 Act (securities) for paragraphs 1 to 7 (and their headings) substitute—
“
PART 1
Securities
1. Transferable securities.
2. Money-market instruments.
3. Units in collective investment undertakings.
4. Options, futures, swaps, forward rate...
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