Schedule 1, paragraph 5

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 conformity with— Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation), as that Article has effect at the time mentioned in sub-paragraph (2), and— each EU regulation, originally made under that Article before that time, which is assimilated direct legislation; and all subordinate legislation (within the meaning of the Interpretation Act 1978) made under that Article on or after IP completion day; rules made under section 137Q(1) of the Financial Services and Markets Act 2000. The time is the beginning of the day on which the Market Abuse (Amendment) (EU Exit) Regulations 2019 are made.

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