Company Securities (Insider Dealing) Act 1985 (repealed 1.3.1994)
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Change 1
3 Actions not prohibited by ss. 1, 2.
(1) Sections 1 and 2 do not prohibit an individual by reason of his having any information from— (a) doing any particular thing otherwise than with a view to the making of a profit or the avoidance of a loss (whether for himself or another person) by the use of that information; (b) entering into a transaction in the course of the exercise in good faith of his functions as liquidator, receiver or trustee in bankruptcy; . . . (c) doing any particular thing if the information— (i) was obtained by him in the course of a business of a jobber in which he was engaged or employed, and (ii) was of a description which it would be reasonable to expect him to obtain in the ordinary course of that business, and he does that thing in good faith in the course of that business. “Jobber” means an individual, partnership or company dealing in securities on a recognised stock exchange and recognised by the Council of The Stock Exchange as carrying on the business of a jobber ; or (d) doing any particular thing in relation to any particular securities if the information— (i) was obtained by him in the course of a business of a market maker in those securities in which he was engaged or employed, and (ii) was of a description which it would be reasonable to expect him to obtain in the ordinary course of that business, and he does that thing in good faith in the course of that business. “Market maker” means a person (whether an individual, partnership or company) who— holds himself out at all normal times in compliance with the rules of a recognised stock exchange as willing to buy and sell securities at prices specified by him; and is recognised as doing so by that recognised stock exchange. (2) An individual is not, by reason only of his having information relating to any particular transaction, prohibited— (a) by section 1(2), 4(b), (5) or (6) from dealing on a recognised stock exchange in any securities, or (b) by section 1(7) or (8) from doing any other thing in relation to securities which he is prohibited from dealing in by any of the provisions mentioned in paragraph (a), or (c) by section 2 from doing anything, if he does that thing in order to facilitate the completion or carrying out of the transaction.
3 Actions not prohibited by ss. 1, 2.
(1) Sections 1 and 2 do not prohibit an individual by reason of his having any information from— (a) doing any particular thing otherwise than with a view to the making of a profit or the avoidance of a loss (whether for himself or another person) by the use of that information; (b) entering into a transaction in the course of the exercise in good faith of his functions as liquidator, receiver or trustee in bankruptcy; . . . (c) doing any particular thing if the information— (i) was obtained by him in the course of a business of a jobber in which he was engaged or employed, and (ii) was of a description which it would be reasonable to expect him to obtain in the ordinary course of that business, and he does that thing in good faith in the course of that business. “Jobber” means an individual, partnership or company dealing in securities on a recognised stock exchange and recognised by the Council of The Stock Exchange as carrying on the business of a jobber ; or (d) doing any particular thing in relation to any particular securities if the information— (i) was obtained by him in the course of a business of a market maker in those securities in which he was engaged or employed, and (ii) was of a description which it would be reasonable to expect him to obtain in the ordinary course of that business, and he does that thing in good faith in the course of that business. “Market maker” means a person (whether an individual, partnership or company) who— holds himself out at all normal times in compliance with the rules of a recognised stock exchange as willing to buy and sell securities at prices specified by him; and is recognised as doing so by that recognised stock exchange. (2) An individual is not, by reason only of his having information relating to any particular transaction, prohibited— (a) by section 1(2), 4(b), (5) or (6) from dealing on a recognised stock exchange in any securities, or (b) by section 1(7) or (8) from doing any other thing in relation to securities which he is prohibited from dealing in by any of the provisions mentioned in paragraph (a), or (c) by section 2 from doing anything, if he does that thing in order to facilitate the completion or carrying out of the transaction.
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