The inside information must be privileged (information privilégiée).
Privileged information is defined by reference to Art. 7 (1. to 4.) of MAR Regulation and covers information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more issuers or to one or more financial instruments, and which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments or on the price of related derivative financial instruments.
Such inside information can be used by the insider themselves of for others, either directly or indirectly, to:
- carry out one or more stock exchange transactions: acquisitions, sales, etc.; or
- cancel or modify one or more orders placed when they did not yet hold inside information on the financial instruments issued by this issuer or on the financial instruments related to this inside information.
Insider trading is an intentional offense.