Regulation 25 Exclusions: prohibition on the disclosure of inside information

(1)

A person (“A”) does not contravene any prohibition in regulation 24 (prohibition on the disclosure of inside information) where—

(a)

the conduct that would otherwise fall within that regulation is a legitimate cryptoasset market practice, or

(b)

A discloses the information for the purposes of journalism.

(2)

Paragraph (1)(b) does not apply where—

(a)

A, or a person closely associated with A, derived, directly or indirectly, an advantage or profits from the disclosure, or

(b)

A disclosed the information with the intention of misleading the market as to the supply of, demand for, or price of a relevant qualifying cryptoasset or related instrument.

(3)

For the purposes of paragraph (2)(a), a “person closely associated” has the meaning given by Article 3.1(26) of the market abuse regulation (definitions), as read with section 131AC of the Act^f1.

Annotations

Footnotes

f1: Section 131AC was inserted by regulation 9(15) of S.I. 2016/680.