Section 57 “Insiders”.

(1)

For the purposes of this Part, a person has information as an insider if and only if—

(a)

it is, and he knows that it is, inside information, and

(b)

he has it, and knows that he has it, from an inside source.

(2)

For the purposes of subsection (1), a person has information from an inside source if and only if—

(a)

he has it through—

(i)

being a director, employee or shareholder of an issuer of securities; or

(ii)

having access to the information by virtue of his employment, office or profession; or

(b)

the direct or indirect source of his information is a person within paragraph (a).

Notes on the whole Act

F1: Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 6 (with art. 3(2)(3), 4(2), 6(4)(5))

C1: Pt. V (ss. 52-64) applied (E.W.N.I) (1.12.2001) by 2000 c. 8, s. 402(1)(a); S.I. 2001/3538, art. 2(1)