Under the CJA, a person is not guilty of insider dealing by (i) virtue of dealing in securities and/or (ii) encouraging another person to deal in securities if he did not at the time expect the dealing to result in a profit attributable to the fact that the information in question was price-sensitive.1

This is a very limited defense, as it applies only to those persons who could not foresee that the inside information would result in a profit.  Note that avoidance of a loss is included in the definition of profit.  This defense is only available against the offense of dealing or encouraging another to deal; it is not available for the disclosure offense.

1 Criminal Justice Act 1993 (CJA), c. 36, § 53(1) (UK).

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