An individual is not guilty of insider dealing by virtue of dealing in securities or encouraging another person to deal if he acted in good faith in the course of:
- his business as a market maker, or
- his employment in the business of a market maker.
A market maker is a person who:
- holds himself out at all normal times in compliance with the rules of a regulated market or an approved organization as willing to acquire or dispose of securities; and
- is recognized as doing so under those rules.1
1 Criminal Justice Act 1993 (CJA), c. 36, Schedule 1(1).