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.