Schedule 2, Part 3, paragraph 11(5)

For the purposes of sub-paragraph (2)(b) and (3)(b), a person’s conduct is regarded as dishonest if (and only if)— it is regarded as dishonest by persons who regularly trade on the regulated market or primary MTF in question, and the person was aware (or must be taken to have been aware) that it was so regarded.

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