Schedule 1, paragraph 2

An individual is not guilty of insider dealing by virtue of dealing in securities or encouraging another person to deal if he shows that— the information which he had as an insider was market information; and it was reasonable for an individual in his position to have acted as he did despite having that information as an insider at the time. In determining whether it is reasonable for an individual to do any act despite having market information at the time, there shall, in particular, be taken into account— the content of the information; the circumstances in which he first had the information and in what capacity; and the capacity in which he now acts.

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Source: legislation.gov.uk · retrieved 2026-09-04