Under the CJA, the offence of insider dealing only applies to individuals.1  The prohibitions under MAR apply to all persons, defined to include both natural and legal persons.2

Criminal Liability

A criminal insider dealing offense can be committed by a person:

  • within the UK at the time when he is alleged to have done any act constituting or forming part of the alleged dealing; or
  • if the regulated market on which the dealing is alleged to have occurred is one which, by an order made by the Treasury, is treated as if it is regulated in the UK; or
  • if the professional intermediary was within the UK at the time when he is alleged to have done anything by means of which the offense is alleged to have been committed.

The encouraging and disclosure offenses can only be committed by someone who was:

  • within the UK at the time when he is alleged to have disclosed the information or encouraged the dealing; or
  • the alleged recipient of the information or encouragement was within the UK at the time when he is alleged to have received the information or encouragement.

Civil Liability

The prohibitions and requirements set out in MAR apply to acts or omissions that occur in EU and non-EU countries by EU and non-EU natural and legal persons relating to the financial instruments set out in Articles 2(1) and (2) of MAR.  The FCA has jurisdiction to take action for a breach of MAR against any person, whether or not the acts or omissions occurred in the UK or elsewhere.


1 Criminal Justice Act 1993 (CJA), c. 36, § 52 (UK).

2 Regulation 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) (MAR), as retained in the UK by the Market Abuse (Amendment) (EU Exit) Regulations 2019/310, art. 3(13).

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