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).

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