Regulation 18 Inside information
In this Chapter, “inside information” is to be read in accordance with this regulation.
“Inside information” means information of a precise nature, which has not been made public, relating, directly or indirectly, to—
a relevant issuer of a relevant qualifying cryptoasset or a related instrument;
a person responsible for the offer of a relevant qualifying cryptoasset or a related instrument;
an operator of a qualifying cryptoasset trading platform on which a relevant qualifying cryptoasset is—
admitted to trading, or
subject to an application seeking admission to trading, or
a relevant qualifying cryptoasset or related instrument,
which, if it were made public, would be likely to have a significant effect on the price of that relevant qualifying cryptoasset or related instrument.
Where any person to whom this Chapter applies is executing orders for a relevant qualifying cryptoasset or a related instrument on behalf of clients, “inside information” also includes information of a precise nature, which has not been made public, conveyed by a client and relating both to the client’s pending orders for a relevant qualifying cryptoasset or a related instrument and, directly or indirectly, to—
a relevant issuer of a relevant qualifying cryptoasset or a related instrument;
a person responsible for the offer of a relevant qualifying cryptoasset or a related instrument;
an operator of a qualifying cryptoasset trading platform on which a relevant qualifying cryptoasset is—
admitted to trading, or
subject to an application seeking admission to trading, or
a relevant qualifying cryptoasset or related instrument,
which, if it were made public, would be likely to have a significant effect on the price of that relevant qualifying cryptoasset or related instrument.
For the purposes of paragraphs (2) and (3)—
information is to be considered of a precise nature if it indicates a set of circumstances which exists or which may reasonably be expected to come into existence, or an event which has occurred or which may reasonably be expected to occur, where it is specific enough to enable a conclusion to be drawn as to the possible effect of that set of circumstances or event on the price of a relevant qualifying cryptoasset or related instrument;
in the case of an ongoing process that is intended to bring about, or that results in, a particular circumstance or event, that future circumstance or event, and also the intermediate steps of that process which are connected with bringing about or resulting in that future circumstance or event, is to be considered precise information;
an intermediate step in an ongoing process is to be considered inside information if, in and of itself, it satisfies the criteria of inside information referred to in sub-paragraph (a);
information which, if it were made public, would be likely to have a significant effect on the price of a relevant qualifying cryptoasset or related instrument means information that a reasonable person would be likely to use as the basis, or part of the basis, of the person’s investment decisions.