Schedule 1, paragraph 3

An individual is not guilty of insider dealing by virtue of dealing in securities or encouraging another person to deal if he shows— that he acted— in connection with an acquisition or disposal which was under consideration or the subject of negotiation, or in the course of a series of such acquisitions or disposals; and with a view to facilitating the accomplishment of the acquisition or disposal or the series of acquisitions or disposals; and that the information which he had as an insider was market information arising directly out of his involvement in the acquisition or disposal or series of acquisitions or disposals.

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