The Criminal Justice Act 1993 (CJA) prohibits:
- dealing in price-affected securities while in possession of inside information;
- encouraging another to deal in price-affected securities while in possession of inside information; and
- having inside information and disclosing it other than in the proper performance of employment, office, or profession.1
The dealing (i.e., the buying or selling or procuring the buying or selling by any other person)2 must occur on a regulated market, or the person dealing must be relying on a professional intermediary (such as a broker) or be acting as one himself.Securities are price-affected, and information in relation to securities is price-sensitive, where information, if made public, would be likely to have a significant effect on the price of securities.
1 Criminal Justice Act 1993 (CJA), c. 36, § 52 (UK).
2 CJA § 55.