Section 53(1)

An individual is not guilty of insider dealing by virtue of dealing in securities if he shows— 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 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 that he would have done what he did even if he had not had the information.

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