Section 53(3)

An individual is not guilty of insider dealing by virtue of a disclosure of information if he shows— 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 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.

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