Criminal Justice Act 1993

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52 The offence.

(1) An individual who has information as an insider is guilty of insider dealing if, in the circumstances mentioned in subsection (3), he deals in securities that are price-affected securities in relation to the information. (2) An individual who has information as an insider is also guilty of insider dealing if— (a) he encourages another person to deal in securities that are (whether or not that other knows it) price-affected securities in relation to the information, knowing or having reasonable cause to believe that the dealing would take place in the circumstances mentioned in subsection (3); or (b) he discloses the information, otherwise than in the proper performance of the functions of his employment, office or profession, to another person. (3) The circumstances referred to above are that the acquisition or disposal in question occurs on a regulated market, or that the person dealing relies on a professional intermediary or is himself acting as a professional intermediary. (4) This section has effect subject to section 53.

53 Defences.

(1) An individual is not guilty of insider dealing by virtue of dealing in securities if he shows— (a) that he did not at the time expect the dealing to result in a profit attributable to the fact that the information in question was price-sensitive information in relation to the securities, or (b) that at the time he believed on reasonable grounds that the information had been disclosed widely enough to ensure that none of those taking part in the dealing would be prejudiced by not having the information, or (c) that he would have done what he did even if he had not had the information. (2) An individual is not guilty of insider dealing by virtue of encouraging another person to deal in securities if he shows— (a) that he did not at the time expect the dealing to result in a profit attributable to the fact that the information in question was price-sensitive information in relation to the securities, or (b) that at the time he believed on reasonable grounds that the information had been or would be disclosed widely enough to ensure that none of those taking part in the dealing would be prejudiced by not having the information, or (c) that he would have done what he did even if he had not had the information. (3) An individual is not guilty of insider dealing by virtue of a disclosure of information if he shows— (a) that he did not at the time expect any person, because of the disclosure, to deal in securities in the circumstances mentioned in subsection (3) of section 52; or (b) that, although he had such an expectation at the time, he did not expect the dealing to result in a profit attributable to the fact that the information was price-sensitive information in relation to the securities. (4) Schedule 1 (special defences) shall have effect. (5) The Treasury may by order amend Schedule 1. (6) In this section references to a profit include references to the avoidance of a loss.

54 Securities to which Part V applies.

(1) This Part applies to any security which— (a) falls within any paragraph of Schedule 2; and (b) satisfies any conditions applying to it under an order made by the Treasury for the purposes of this subsection; and in the provisions of this Part (other than that Schedule) any reference to a security is a reference to a security to which this Part applies. (2) The Treasury may by order amend Schedule 2.

55 “Dealing” in securities.

(1) For the purposes of this Part, a person deals in securities if— (a) he acquires or disposes of the securities (whether as principal or agent); or (b) he procures, directly or indirectly, an acquisition or disposal of the securities by any other person. (2) For the purposes of this Part, “acquire”, in relation to a security, includes— (a) agreeing to acquire the security; and (b) entering into a contract which creates the security. (3) For the purposes of this Part, “dispose”, in relation to a security, includes— (a) agreeing to dispose of the security; and (b) bringing to an end a contract which created the security. (4) For the purposes of subsection (1), a person procures an acquisition or disposal of a security if the security is acquired or disposed of by a person who is— (a) his agent, (b) his nominee, or (c) a person who is acting at his direction, in relation to the acquisition or disposal. (5) Subsection (4) is not exhaustive as to the circumstances in which one person may be regarded as procuring an acquisition or disposal of securities by another.

56 “Inside information”, etc.

(1) For the purposes of this section and section 57, “inside information” means information which— (a) relates to particular securities or to a particular issuer of securities or to particular issuers of securities and not to securities generally or to issuers of securities generally; (b) is specific or precise; (c) has not been made public; and (d) if it were made public would be likely to have a significant effect on the price of any securities. (2) For the purposes of this Part, securities are “price-affected securities” in relation to inside information, and inside information is “price-sensitive information” in relation to securities, if and only if the information would, if made public, be likely to have a significant effect on the price of the securities. (3) For the purposes of this section “price” includes value.

57 “Insiders”.

(1) For the purposes of this Part, a person has information as an insider if and only if— (a) it is, and he knows that it is, inside information, and (b) he has it, and knows that he has it, from an inside source. (2) For the purposes of subsection (1), a person has information from an inside source if and only if— (a) he has it through— (i) being a director, employee or shareholder of an issuer of securities; or (ii) having access to the information by virtue of his employment, office or profession; or (b) the direct or indirect source of his information is a person within paragraph (a).

58 Information “made public”.

(1) For the purposes of section 56, “made public”, in relation to information, shall be construed in accordance with the following provisions of this section; but those provisions are not exhaustive as to the meaning of that expression. (2) Information is made public if— (a) it is published in accordance with the rules of a regulated market for the purpose of informing investors and their professional advisers; (b) it is contained in records which by virtue of any enactment are open to inspection by the public; (c) it can be readily acquired by those likely to deal in any securities— (i) to which the information relates, or (ii) of an issuer to which the information relates; or (d) it is derived from information which has been made public. (3) Information may be treated as made public even though— (a) it can be acquired only by persons exercising diligence or expertise; (b) it is communicated to a section of the public and not to the public at large; (c) it can be acquired only by observation; (d) it is communicated only on payment of a fee; or (e) it is published only outside the United Kingdom.

59 “Professional intermediary”.

(1) For the purposes of this Part, a “professional intermediary” is a person— (a) who carries on a business consisting of an activity mentioned in subsection (2) and who holds himself out to the public or any section of the public (including a section of the public constituted by persons such as himself) as willing to engage in any such business; or (b) who is employed by a person falling within paragraph (a) to carry out any such activity. (2) The activities referred to in subsection (1) are— (a) acquiring or disposing of securities (whether as principal or agent); or (b) acting as an intermediary between persons taking part in any dealing in securities. (3) A person is not to be treated as carrying on a business consisting of an activity mentioned in subsection (2)— (a) if the activity in question is merely incidental to some other activity not falling within subsection (2); or (b) merely because he occasionally conducts one of those activities. (4) For the purposes of section 52, a person dealing in securities relies on a professional intermediary if and only if a person who is acting as a professional intermediary carries out an activity mentioned in subsection (2) in relation to that dealing.

60 Other interpretation provisions.

(1) For the purposes of this Part, “regulated market” means any market, however operated, which, by an order made by the Treasury, is identified (whether by name or by reference to criteria prescribed by the order) as a regulated market for the purposes of this Part. (2) For the purposes of this Part an “issuer”, in relation to any securities, means any company, public sector body or individual by which or by whom the securities have been or are to be issued. (3) For the purposes of this Part— (a) “company” means any body (whether or not incorporated and wherever incorporated or constituted) which is not a public sector body; and (b) “public sector body” means— (i) the government of the United Kingdom, of Northern Ireland or of any country or territory outside the United Kingdom; (ii) a local authority in the United Kingdom or elsewhere; (iii) any international organisation the members of which include the United Kingdom or another member state; (iv) the Bank of England; or (v) the central bank of any sovereign State. (4) For the purposes of this Part, information shall be treated as relating to an issuer of securities which is a company not only where it is about the company but also where it may affect the company’s business prospects.

61 Penalties and prosecution.

(1) An individual guilty of insider dealing shall be liable— (a) on summary conviction, to a fine not exceeding the statutory maximum or imprisonment for a term not exceeding six months or to both; or (b) on conviction on indictment, to a fine or imprisonment for a term not exceeding ten years or to both. (2) Proceedings for offences under this Part shall not be instituted in England and Wales except by or with the consent of— (a) the Secretary of State; or (b) the Director of Public Prosecutions. (3) In relation to proceedings in Northern Ireland for offences under this Part, subsection (2) shall have effect as if the reference to the Director of Public Prosecutions were a reference to the Director of Public Prosecutions for Northern Ireland.

61A Summary proceedings: venue and time limit for proceedings

(1) Summary proceedings for an offence of insider dealing may (without prejudice to any jurisdiction exercisable apart from this subsection) be brought against an individual at any place at which the individual is for the time being. (2) An information relating to an offence of insider dealing that is triable by a magistrates’ court in England and Wales may be so tried if it is laid— (a) at any time within three years after the commission of the offence, and (b) within twelve months after the date on which evidence sufficient in the opinion of the Director of Public Prosecutions or the Secretary of State (as the case may be) to justify the proceedings comes to that person’s knowledge. (3) Summary proceedings in Scotland for an offence of insider dealing— (a) must not be commenced after the expiration of three years from the commission of the offence; (b) subject to that, may be commenced at any time— (i) within twelve months after the date on which evidence sufficient in the Lord Advocate’s opinion to justify the proceedings came to that person’s knowledge, or (ii) where such evidence was reported to the Lord Advocate by the Secretary of State, within twelve months after the date on which it came to the knowledge of the latter. Section 136(3) of the Criminal Procedure (Scotland) Act 1995 (date when proceedings deemed to be commenced) applies for the purposes of this subsection as for the purposes of that section. (4) A magistrates’ court in Northern Ireland has jurisdiction to hear and determine a complaint charging the commission of a summary offence of insider dealing provided that the complaint is made— (a) within three years from the time when the offence was committed, and (b) within twelve months from the date on which evidence sufficient in the opinion of the Director of Public Prosecutions for Northern Ireland or the Secretary of State (as the case may be) to justify the proceedings comes to that person’s knowledge. (5) For the purposes of this section a certificate of the Director of Public Prosecutions, the Lord Advocate, the Director of Public Prosecutions for Northern Ireland or the Secretary of State (as the case may be) as to the date on which such evidence as is referred to above came to that person’s notice is conclusive evidence.

62 Territorial scope of offence of insider dealing.

(1) An individual is not guilty of an offence falling within subsection (1) of section 52 unless— (a) he was within the United Kingdom at the time when he is alleged to have done any act constituting or forming part of the alleged dealing; (b) the regulated market on which the dealing is alleged to have occurred is one which, by an order made by the Treasury, is identified (whether by name or by reference to criteria prescribed by the order) as being, for the purposes of this Part, regulated in the United Kingdom; or (c) the professional intermediary was within the United Kingdom at the time when he is alleged to have done anything by means of which the offence is alleged to have been committed. (2) An individual is not guilty of an offence falling within subsection (2) of section 52 unless— (a) he was within the United Kingdom at the time when he is alleged to have disclosed the information or encouraged the dealing; or (b) the alleged recipient of the information or encouragement was within the United Kingdom at the time when he is alleged to have received the information or encouragement.

63 Limits on section 52.

(1) Section 52 does not apply to anything done by an individual acting on behalf of a public sector body in pursuit of monetary policies or policies with respect to exchange rates or the management of public debt or foreign exchange reserves. (2) No contract shall be void or unenforceable by reason only of section 52.

64 Orders.

(1) Any power under this Part to make an order shall be exercisable by statutory instrument. (2) No order shall be made under this Part unless a draft of it has been laid before and approved by a resolution of each House of Parliament. (3) An order under this Part— (a) may make different provision for different cases; and (b) may contain such incidental, supplemental and transitional provisions as the Treasury consider expedient.

65 Fixing of fines.

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) Section 19 of the Act of 1991 (fixing of fines in cases to which the unit fines system did not apply) shall cease to have effect. (3) The further amendments made by Schedule 3 shall have effect. (4) The amendments made by this section and that Schedule shall apply in relation to offenders convicted (but not sentenced) before the date on which this section comes into force as they apply in relation to offenders convicted after that date.

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67 Penalty for causing death by dangerous driving or by careless driving.

(1) In Part I of Schedule 2 to the Road Traffic Offenders Act 1988 (prosecution and punishment of offences), in the entries relating to section 1 of the Road Traffic Act 1988 (causing death by dangerous driving) and section 3A of that Act (causing death by careless driving while under influence of drink or drugs), in column 4, for “5 years” there shall be substituted “ 10 years ”. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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70 Penalties under implementation regulations.

(1) Paragraphs 8(3), 9(2) and 10(3) of Schedule 8 to the Banking Coordination (Second Council Directive) Regulations 1992 shall cease to have effect. (2) Regulations under section 2(2) of the European Communities Act 1972 for the purpose of implementing— (a) Articles 52 and 159 of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 relating to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (which requires the United Kingdom to make provision for the exercise in the United Kingdom by supervisory authorities of other Member States of information and inspection powers in relation to institutions authorised by them), or (b) Articles 119(2) and (3), 122 and 124 to 126 of that Directive (which make similar provision in relation to the consolidated supervision of institutions). may, notwithstanding paragraph 1(1)(d) of Schedule 2 to that Act, create offences punishable in the same way as offences punishable on summary conviction under section 177 of the Financial Services and Markets Act 2000. (3) In this section— “the Second Banking Co-ordination Directive” means the Community Council Directive No. 89/646/EEC on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions and amending Directive 77/780/EEC; and “the Supervision of Credit Institutions Directive” means the Community Council Directive No. 92/30/EEC on the supervision of credit institutions on a consolidated basis. (4) Subsection (1) shall not affect the punishment for an offence committed before that subsection comes into force.

71 Offences in connection with taxation etc. in the European Union .

(1) A person who, in the United Kingdom, assists in or induces any conduct outside the United Kingdom which involves the commission of a serious offence against the law of another member State is guilty of an offence under this section if— (a) the offence involved is one consisting in or including the contravention of provisions of the law of that member State which relate to any of the matters specified in subsection (2); (b) the offence involved is one consisting in or including the contravention of other provisions of that law so far as they have effect in relation to any of those matters; or (c) the c onduct is such as to be calculated to have an effect in that member State in relation to any of those matters. (2) The matters mentioned in subsection (1) are— (a) the determination, discharge or enforcement of any liability for a Community duty or tax; (b) the operation of arrangements under which reliefs or exemptions from any such duty or tax are provided or sums in respect of any such duty or tax are repaid or refunded; (c) the making of payments in pursuance of Community arrangements made in connection with the regulation of the market for agricultural products and the enforcement of the conditions of any such payments; (d) the movement into or out of any member State of anything in relation to the movement of which any EU instrument imposes, or requires the imposition of, any prohibition or restriction; and (e) such other matters in relation to which provision is made by any EU instrument as the Secretary of State may by order specify. (3) For the purposes of this section— (a) an offence against the law of a member State is a serious offence if provision is in force in that member State authorising the sentencing, in some or all cases, of a person convicted of that offence to imprisonment for a maximum term of twelve months or more; and (b) the question whether any conduct involves the commission of such an offence shall be determined according to the law in force in the member State in question at the time of the assistance or inducement. (4) In any proceedings against any person for an offence under this section it shall be a defence for that person to show— (a) that the conduct in question would not have involved the commission of an offence against the law of the member State in question but for circumstances of which he had no knowledge; and (b) that he did not suspect or anticipate the existence of those circumstances and did not have reasonable grounds for doing so. (5) For the purposes of any proceedings for an offence under this section, a certificate purporting to be issued by or on behalf of the government of another member State which contains a statement, in relation to such times as may be specified in the certificate— (a) that a specified offence existed against the law of that member State, (b) that an offence against the law of that member State was a serious offence within the meaning of this section, (c) that such an offence consists in or includes the contravention of particular provisions of the law of that member State, (d) that specified provisions of the law of that member State relate to, or are capable of having an effect in relation to, particular matters, (e) that specified conduct involved the commission of a particular offence against the law of that member State, or (f) that a particular effect in that member State in relation to any matter would result from specified conduct, shall, in the case of a statement falling within paragraphs (a) to (d), be conclusive of the matters stated and, in the other cases, be evidence, and in Scotland sufficient evidence, of the matters stated. (6) A person guilty of an offence under this section shall be liable— (a) on summary conviction, to a penalty of the statutory maximum or to imprisonment for a term not exceeding six months or to both; or (b) on conviction on indictment, to a penalty of any amount or to imprisonment for a term not exceeding seven years or to both. (7) Sections 145 to 152 and 154 of the Customs and Excise Management Act 1979 (general provisions as to legal proceedings) shall apply as if this section were contained in that Act; and an offence under this section shall be treated for all purposes as an offence for which a person is liable to be arrested under the customs and excise Acts. (8) The power of the Secretary of State to make an order under subsection (2)(e) shall be exercisable by statutory instrument; and no such order shall be made unless a draft of the order has been laid before, and approved by a resolution of, each House of Parliament. (9) In this section— “another member State” means a member State other than the United Kingdom; “Community duty or tax” means any of the following, that is to say— any EU customs duty; an agricultural levy of the European Union ; value added tax under the law of another member State; any duty or tax on tobacco products, alcoholic liquors or hydrocarbon oils which, in another member State, corresponds to any excise duty; any duty, tax or other charge not falling within paragraphs (a) to (d) of this definition which is imposed by or in pursuance of any EU instrument on the movement of goods into or out of any member State; “conduct” includes acts, omissions and statements; “contravention” includes a failure to comply; and “the customs and excise Acts” has the same meaning as in the Customs and Excise Management Act 1979. (10) References in this section, in relation to an EU instrument, to the movement of anything into or out of a member State include references to the movement of anything between member States and to the doing of anything which falls to be treated for the purposes of that instrument as involving the entry into, or departure from, the territory of the European Union of any goods (within the meaning of that Act of 1979).

72 Backing of warrants: safeguards.

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73 Power of Secretary of State to make grants in relation to combating drug misuse.

(1) The Secretary of State may, with the consent of the Treasury, pay such grants, to such persons, as he considers appropriate in connection with measures intended— (a) to combat or deal with drug trafficking or the misuse of drugs; or (b) to deal with consequences of the misuse of drugs. (2) Any such grant may be made subject to such conditions as the Secretary of State may, with the agreement of the Treasury, see fit to impose. (3) Payments under this section shall be made out of money provided by Parliament.

74 Persons not eligible for early release.

(1) Part II of Schedule 1 to the Criminal Justice Act 1982 (persons convicted of offences under certain enactments not eligible for early release) shall be amended as follows. (2) In the entry relating to the Drug Trafficking Offences Act 1986, the following paragraph shall be inserted before paragraph 26— 25A Section 23A (acquisition, possession or use of proceeds of drug trafficking). . (3) In the entry relating to the Criminal Justice Act 1988, the following paragraphs shall be inserted before paragraph 30— 29A Section 93A (assisting another to retain the benefit of criminal conduct). 29B Section 93B (acquisition, possession or use of proceeds of criminal conduct). 29C Section 93C (concealing or transferring proceeds of criminal conduct). .

75 Compassionate release of certain children and other persons in Scotland.

(1) In section 7(5) of the Prisoners and Criminal Proceedings (Scotland) Act 1993 (which applies provisions of that Act to certain children), for “Sections”, where it first occurs, substitute “ Without prejudice to section 6(1)(b)(ii) of this Act, sections 3, ”. (2) In paragraph 2(2) of Schedule 6 to that Act (which makes transitional provision as respects release on licence on compassionate grounds) after “Act” insert “ , and sections 12 and 17 of this Act in so far as relating to a licence granted, or person released, by virtue of this sub-paragraph, ”.

76 Life prisoners transferred to Scotland.

(1) The Prisoners and Criminal Proceedings (Scotland) Act 1993 shall be amended as follows. (2) In section 10 (life prisoners transferred to Scotland)— (a) in subsection (1), the words “(whether before or after the commencement of this section)” shall cease to have effect; (b) in subsection (2), after “life prisoner” insert “ , except such case as is mentioned in paragraph 7 of Schedule 6 to this Act, ”; and (c) in subsection (4)— (i) in paragraph (a), after “has” insert “ (whether before or after the commencement of this section) ”; and (ii) in paragraph (b), after “Scotland” insert “ (whether before or after that commencement) ”. (3) In Schedule 6 (transitional provisions and savings)— (a) in paragraph 1, in the definition of “existing life prisoner”, after “person” insert “ (other than a transferred life prisoner) ”; (b) in paragraph 2(1), for “paragraph 7 below” substitute “ to section 10(4) of this Act ”; and (c) for paragraph 7 substitute— 7 In the case of a transferred life prisoner who is a discretionary life prisoner for the purposes of Part II of the Criminal Justice Act 1991 by virtue of section 48 of or paragraph 9 of Schedule 12 to that Act, subsection (3) of section 10 of this Act applies and the certificate mentioned in paragraph (b) of that subsection is the certificate under the said section 48 or paragraph 9. .

77 Power to extend certain offences to Crown servants and to exempt regulators etc.

Schedule 4, which confers power on the Secretary of State to make regulations extending certain provisions to Crown servants and to make regulations exempting persons from certain offences, shall have effect.

78 Commencement etc.

(1) Sections 70 and 71 shall come into force at the end of the period of two months beginning with the day on which this Act is passed. (2) Sections 68, 69, 75, 76 and 79(1) to (12), paragraph 2 of Schedule 5 and, in so far as relating to the Criminal Procedure (Scotland) Act 1975 and the Prisoners and Criminal Proceedings (Scotland) Act 1993, Schedule 6, shall come into force on the passing of this Act. (3) The other provisions of this Act shall come into force on such day as may be appointed by the Secretary of State by an order made by statutory instrument. (4) Different days may be appointed under subsection (3) for different provisions and different purposes. (5) Nothing in any provision in Part I applies to any act, omission or other event occurring before the coming into force of that provision. (6) Where a person is charged with a relevant offence which was committed before the coming into force of a provision of Part II, Part III, or (as the case may be) Part IV, that provision shall not affect the question whether or not that person is guilty of the offence and, where it confers a power on the court, shall not apply inm proceedings instituted befor the coming into force of that provision. (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9) In subsection (6) “relevant offence” means an offence in relation to which provision is made by Part II, Part III or Part IV, other than an offence created by that Part. (10) An order under subsection (3) may contain such transitional provisions and savings as the Secretary of State considers appropriate. (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .