Insider Dealing Act 1998

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AT 2 of 1998

INSIDER DEALING ACT 1998

Insider Dealing Act 1998 Index


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INSIDER DEALING ACT 1998

Index Section Page

1 The offence ....................................................................................................................... 5
2 Defences ........................................................................................................................... 6
3 Securities to which this Act applies ............................................................................. 6
4 “Dealing” in securities ................................................................................................... 7
5 “Inside information”, etc ............................................................................................... 7
6 “Insiders” ......................................................................................................................... 8
7 Information “made public” ........................................................................................... 8
8 “Professional intermediary” ......................................................................................... 9
9 Other interpretation provisions .................................................................................. 10
10 Penalties and prosecution ............................................................................................ 10
11 Territorial scope of offence of insider dealing .......................................................... 11
12 Limits on section 1 ........................................................................................................ 11
13 Orders ............................................................................................................................. 11
14 Investigation and inspection ....................................................................................... 12
15 Amendments and repeals ............................................................................................ 12
16 Short title and commencement ................................................................................... 12
SCHEDULE 1 13

SPECIAL DEFENCES 13
SCHEDULE 2 15

SECURITIES 15
SCHEDULE 3 16

INVESTIGATION AND INSPECTION 16
SCHEDULE 4 20

REPEAL OF ENACTMENTS 20
ENDNOTES 23

TABLE OF ENDNOTE REFERENCES 23
Index Insider Dealing Act 1998


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Insider Dealing Act 1998 Section 1


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c i e
INSIDER DEALING ACT 1998

Received Royal Assent: 17 February 1998
Passed: 17 February 1998
Commenced: 1 July 1998
AN ACT
to repeal and replace legislation relating to the regulation of insider
dealing; and for connected purposes.
1 The offence

[P1993/36/52]
(1) An individual who has information as an insider is guilty of the offence
of insider dealing if, in the circumstances mentioned in subsection (3), he
deals in securities that are price-affected securities in relation to the
information.
(2) An individual who has information as an insider is also guilty of the
offence of insider dealing if —
(a) he encourages another person to deal in securities that are
(whether or not that other knows it) price-affected securities in
relation to the information, knowing or having reasonable cause
to believe that the dealing would take place in the circumstances
mentioned in subsection (3); or
(b) he discloses the information, otherwise than in the proper
performance of the functions of his employment, office or
profession, to another person.
(3) The circumstances referred to above are that the acquisition or disposal
in question occurs on a regulated market, or that the person dealing
relies on a professional intermediary or is himself acting as a professional
intermediary.
(4) This section has effect subject to section 2.
Section 2 Insider Dealing Act 1998


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2 Defences

[P1993/36/53]
(1) An individual is not guilty of insider dealing by virtue of dealing in
securities if he shows —
(a) that 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 information in relation to the securities, or
(b) that at the time he believed on reasonable grounds that the
information had been disclosed widely enough to ensure that
none of those taking part in the dealing would be prejudiced by
not having the information, or
(c) that he would have done what he did even if he had not had the
information.
(2) An individual is not guilty of insider dealing by virtue of encouraging
another person to deal in securities if he shows —
(a) that 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 information in relation to the securities, or
(b) that at the time he believed on reasonable grounds that the
information had been or would be disclosed widely enough to
ensure that none of those taking part in the dealing would be
prejudiced by not having the information, or
(c) that he would have done what he did even if he had not had the
information.
(3) An individual is not guilty of insider dealing by virtue of a disclosure of
information if he shows —
(a) that he did not at the time expect any person, because of the
disclosure, to deal in securities in the circumstances mentioned in
section 1(3); or
(b) that, although he had such an expectation at the time, he did not
expect the dealing to result in a profit attributable to the fact that
the information was price-sensitive information in relation to the
securities.
(4) Schedule 1 (special defences) shall have effect.
(5) The Treasury may by order amend Schedule 1.
(6) In this section references to a profit include references to the avoidance of
a loss.
3 Securities to which this Act applies

[P1993/36/54]
(1) This Act applies to any security which —
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(a) falls within any paragraph of Schedule 2; and
(b) satisfies any conditions applying to it under an order made by the
Treasury for the purposes of this subsection.
(2) In this Act (except Schedule 2) any reference to a security is a reference to
a security to which this Act applies.
(3) The Treasury may by order amend Schedule 2.
4 “Dealing” in securities

[P1993/36/55]
(1) For the purposes of this Act, a person deals in securities if —
(a) he acquires or disposes of the securities (whether as principal or
agent); or
(b) he procures, directly or indirectly, an acquisition or disposal of
the securities by any other person.
(2) For the purposes of this Act, “acquire
”, in relation to a security,
includes —
(a) agreeing to acquire the security; and
(b) entering into a contract which creates the security.
(3) For the purposes of this Act, “dispose
”, in relation to a security,
includes —
(a) agreeing to dispose of the security; and
(b) bringing to an end a contract which created the security.
(4) For the purposes of subsection (1), a person procures an acquisition or
disposal of a security if the security is acquired or disposed of by a
person who is —
(a) his agent,
(b) his nominee, or
(c) a person who is acting at his direction,
in relation to the acquisition or disposal.
(5) Subsection (4) is not exhaustive as to the circumstances in which one
person may be regarded as procuring an acquisition or disposal of
securities by another.
5 “Inside information”, etc

[P1993/36/56]
(1) For the purposes of this section and section 6, “inside information
”
means information which —
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(a) relates to particular securities or to a particular issuer of securities
or to particular issuers of securities and not to securities generally
or to issuers of securities generally;
(b) is specific or precise;
(c) has not been made public; and
(d) if it were made public would be likely to have a significant effect
on the price of any securities.
(2) For the purposes of this Act, securities are “price-affected securities
” in
relation to inside information, and inside information is “price-sensitive

information
” in relation to securities, if and only if the information
would, if made public, be likely to have a significant effect on the price of
the securities.
(3) For the purposes of this section “price” includes value.
6 “Insiders”

[P1993/36/57]
(1) For the purposes of this Act, a person has information as an insider if and
only if —
(a) it is, and he knows that it is, inside information; and
(b) he has it, and knows that he has it, from an inside source.
(2) For the purposes of subsection (1), a person has information from an
inside source if and only if —
(a) he has it through —
(i) being a director, employee or shareholder of an issuer of
securities; or
(ii) having access to the information by virtue of his
employment, office or profession; or
(b) the direct or indirect source of his information is a person within
paragraph (a).
7 Information “made public”

[P1993/36/58]
(1) For the purposes of section 5, “made public”, in relation to information,
shall be construed in accordance with the following provisions of this
section; but those provisions are not exhaustive as to the meaning of that
expression.
(2) Information is made public if —
(a) it is published in accordance with the rules of a regulated market
for the purpose of informing investors and their professional
advisers;
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(b) it is contained in records which by virtue of any enactment are
open to inspection by the public;
(c) it can be readily acquired by those likely to deal in any
securities —
(i) to which the information relates, or
(ii) of an issuer to which the information relates; or
(d) it is derived from information which has been made public.
(3) Information may be treated as made public even though —
(a) it can be acquired only by persons exercising diligence or
expertise;
(b) it is communicated to a section of the public and not to the public
at large;
(c) it can be acquired only by observation;
(d) it is communicated only on payment of a fee; or
(e) it is published only outside the Island.
8 “Professional intermediary”

[P1993/36/59]
(1) For the purposes of this Act, a “professional intermediary
” is a
person —
(a) who carries on a business consisting of an activity mentioned in
subsection (2) and who holds himself out to the public or any
section of the public (including a section of the public constituted
by persons such as himself) as willing to engage in any such
business; or
(b) who is employed by a person falling within paragraph (a) to carry
out any such activity.
(2) The activities referred to in subsection (1) are —
(a) acquiring or disposing of securities (whether as principal or
agent); or
(b) acting as an intermediary between persons taking part in any
dealing in securities.
(3) A person is not to be treated as carrying on a business consisting of an
activity mentioned in subsection (2) —
(a) if the activity in question is merely incidental to some other
activity not falling within subsection (2); or
(b) merely because he occasionally conducts one of those activities.
(4) For the purposes of section 1, a person dealing in securities relies on a
professional intermediary if and only if a person who is acting as a
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professional intermediary carries out an activity mentioned in
subsection (2) in relation to that dealing.
9 Other interpretation provisions

[P1993/36/60]
(1) For the purposes of this Act, “regulated market
” means any market,
however operated, which, by an order made by the Treasury, is
identified (whether by name or by reference to criteria prescribed by the
order) as a regulated market for the purposes of this Act.
(2) For the purposes of this Act an “issuer
”, in relation to any securities,
means any company, public sector body or individual by which or by
whom the securities have been or are to be issued.
(3) In this Act —
“company
” means any body (whether or not incorporated and wherever
incorporated or constituted) which is not a public sector body;
“public sector body
” means —
(i) the Government or the government of any country or
territory outside the Island;
(ii) a local authority in the Island or elsewhere;
(iii) any international organisation the members of which
include the United Kingdom or another member State of
the European Union;
(iv) the Bank of England; or
(v) the central bank of any sovereign State.
(4) For the purposes of this Act, information shall be treated as relating to an
issuer of securities which is a company not only where it is about the
company but also where it may affect the company’s business prospects.
10 Penalties and prosecution

[P1993/36/61]
(1) An individual guilty of the offence of insider dealing shall be liable —
(a) on summary conviction, to a fine not exceeding £5,000 or to
custody for a term not exceeding 6 months or to both; or
(b) on conviction on information, to a fine or to custody for a term not
exceeding 7 years or to both.
(2) Proceedings for offences under this Act shall not be instituted except by
or with the consent of the Attorney General.
(3) Subsection (2) shall not prevent the arrest without warrant, or the issue
or execution of a warrant for the arrest, of a person for any offence under
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this Act, or the remand in custody or on bail of a person charged with
any such offence.
(4) Any document purporting to be the consent of the Attorney General for
the commencement of proceedings for an offence under this Act and to
be signed by the Attorney General shall be admissible as prima facie
evidence without further proof.
11 Territorial scope of offence of insider dealing

[P1993/36/62]
(1) An individual is not guilty of an offence falling within section 1(1)
unless —
(a) he was within the Island at the time when he is alleged to have
done any act constituting or forming part of the alleged dealing;
(b) the regulated market on which the dealing is alleged to have
occurred is one which, by an order made by the Treasury, is
identified (whether by name or by reference to criteria prescribed
by the order) as being, for the purposes of this Act, regulated in
the Island or the United Kingdom; or
(c) the professional intermediary was within the Island at the time
when he is alleged to have done anything by means of which the
offence is alleged to have been committed.
(2) An individual is not guilty of an offence falling within
section 1(2) unless —
(a) he was within the Island at the time when he is alleged to have
disclosed the information or encouraged the dealing; or
(b) the alleged recipient of the information or encouragement was
within the Island at the time when he is alleged to have received
the information or encouragement.
12 Limits on section 1

[P1993/36/63]
(1) Section 1 does not apply to anything done by an individual acting on
behalf of a public sector body in pursuit of monetary policies or policies
with respect to exchange rates or the management of public debt or
foreign exchange reserves.
(2) No contract shall be void or unenforceable by reason only of section 1.
13 Orders

(1) The Treasury may by order add to, amend or repeal any of the
provisions of this Act in such manner as the Treasury thinks expedient
for the purpose of making this Act correspond with the like legislation
from time to time operating in the United Kingdom.
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(2) An order under this Act shall not come into operation unless Tynwald
has approved it.
14 Investigation and inspection

Schedule 3 (which, with the exception of paragraph 1(8), re-enacts existing
provisions) shall have effect.
15 Amendments and repeals

(1) [Repealed]1

(2) [Repealed]2

(3) The enactments specified in Schedule 4 are repealed to the extent
specified in column 3 of that Schedule.
16 Short title and commencement

This Act may be cited as the Insider Dealing Act 1998 and shall come into
operation on such day as may be appointed by order made by the Treasury.3

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SCHEDULE 1

SPECIAL DEFENCES

Section 2(4)
Market makers
1. (1) An individual is not guilty of insider dealing by virtue of dealing in
securities or encouraging another person to deal if he shows that he acted in good faith
in the course of —
(a) his business as a market maker, or
(b) his employment in the business of a market maker.
(2) A market maker is a person who —
(a) holds himself out at all normal times in compliance with the rules
of a regulated market or an approved organisation as willing to
acquire or dispose of securities; and
(b) is recognised as doing so under those rules.
(3) In this paragraph “approved organisation” means an international
securities self-regulating organisation approved under paragraph 25B of Schedule 1 to
the Financial Services Act 1986 (an Act of Parliament).
Market information
2. (1) An individual is not guilty of insider dealing by virtue of dealing in
securities or encouraging another person to deal if he shows that —
(a) the information which he had as an insider was market
information; and
(b) it was reasonable for an individual in his position to have acted as
he did despite having that information as an insider at the time.
(2) In determining whether it is reasonable for an individual to do any act
despite having market information at the time, there shall, in particular, be taken
into account —
(a) the content of the information;
(b) the circumstances in which he first had the information and in
what capacity; and
(c) the capacity in which he now acts.
3. An individual is not guilty of insider dealing by virtue of dealing in securities or
encouraging another person to deal if he shows —
(a) that he acted —
Schedule 1
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(i) in connection with an acquisition or disposal which was
under consideration or the subject of negotiation, or in the
course of a series of such acquisitions or disposals; and
(ii) with a view to facilitating the accomplishment of the
acquisition or disposal or the series of acquisitions or
disposals; and
(b) that the information which he had as an insider was market
information arising directly out of his involvement in the
acquisition or disposal or series of acquisitions or disposals.
4. For the purposes of paragraphs 2 and 3 market information is information
consisting of one or more of the following facts —
(a) that securities of a particular kind have been or are to be acquired
or disposed of, or that their acquisition or disposal is under
consideration or the subject of negotiation;
(b) that securities of a particular kind have not been or are not to be
acquired or disposed of;
(c) the number of securities acquired or disposed of or to be acquired
or disposed of or whose acquisition or disposal is under
consideration or the subject of negotiation;
(d) the price (or range of prices) at which securities have been or are
to be acquired or disposed of or the price (or range of prices) at
which securities whose acquisition or disposal is under
consideration or the subject of negotiation may be acquired or
disposed of;
(e) the identity of the persons involved or likely to be involved in any
capacity in an acquisition or disposal.
Price stabilisation
5. (1) An individual is not guilty of insider dealing by virtue of dealing in
securities or encouraging another person to deal if he shows that he acted in
conformity with the price stabilisation rules.
(2) In this paragraph “the price stabilisation rules” means rules which —
(a) are made under section 48 of the Financial Services Act 1986 (an
Act of Parliament) (conduct of business rules); and
(b) make provision of a description mentioned in paragraph (i) of
subsection (2) of that section (price stabilisation rules).

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SCHEDULE 2

SECURITIES

Section 3
Shares
1. Shares and stock in the share capital of a company (“shares”).
Debt securities
2. Any instrument creating or acknowledging indebtedness which is issued by a
company or public sector body, including, in particular, debentures, debenture stock,
loan stock, bonds and certificates of deposit (“debt securities”).
Warrants
3. Any right (whether conferred by warrant or otherwise) to subscribe for shares
or debt securities (“warrants”).
Depositary receipts
4. (1) The rights under any depositary receipt.
(2) For the purposes of sub-paragraph (1) a “depositary receipt” means a
certificate or other record (whether or not in the form of a document) —
(a) which is issued by or on behalf of a person who holds any
relevant securities of a particular issuer; and
(b) which acknowledges that another person is entitled to rights in
relation to the relevant securities or relevant securities of the same
kind.
(3) In sub-paragraph (2) “relevant securities” means shares, debt securities
and warrants.
Options
5. Any option to acquire or dispose of any security falling within any other
paragraph of this Schedule.
Futures
6. (1) Rights under a contract for the acquisition or disposal of relevant
securities under which delivery is to be made at a future date and at a price agreed
when the contract is made.
(2) In sub-paragraph (1) —
Schedule 3
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(a) the references to a future date and to a price agreed when the
contract is made include references to a date and a price
determined in accordance with terms of the contract; and
(b) “relevant securities” means any security falling within any other
paragraph of this Schedule.
Contracts for differences
7. (1) Rights under a contract which does not provide for the delivery of
securities but whose purpose or pretended purpose is to secure a profit or avoid a loss
by reference to fluctuations in —
(a) a share index or other similar factor connected with relevant
securities;
(b) the price of particular relevant securities; or
(c) the interest rate offered on money placed on deposit.
(2) In sub-paragraph (1) “relevant securities” means any security falling
within any other paragraph of this Schedule.
SCHEDULE 3
4

INVESTIGATION AND INSPECTION

Section 14
Investigations into insider dealing [1987/4/8]
1. (1) If it appears to the Isle of Man Financial Services Authority that there are
circumstances suggesting —
(a) that there may have been a contravention of section 1; or
(b) that there may have been a contravention of the laws of another
country or territory relating to insider dealing and that a person in
the Island —
(i) may have been concerned (directly or indirectly) in any
such contravention; or
(ii) may have information or documents which may be of
assistance in the investigation of any such contravention,
it may appoint one or more competent inspectors to carry out such investigations as
are requisite to establish whether or not any such contravention has occurred and to
report the results of their investigations to it.5

(2) The appointment under this paragraph of an inspector may limit the
period during which he is to continue his investigation or confine it to particular
matters.
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(3) At any time during the investigation the Isle of Man Financial Services
Authority may vary the appointment by limiting or extending the period during which
the inspector is to continue his investigation or by confining the investigation to
particular matters.6

(4) If the inspectors consider that any person is or may be able to give
information concerning any such contravention they may require that person —
(a) to produce to them any documents in his possession or under his
control relating to the company in relation to whose securities the
contravention is suspected to have occurred or to its securities;
(b) to attend before them; and
(c) otherwise to give them all assistance in connection with the
investigation which he is reasonably able to give;
and it shall be the duty of that person to comply with that requirement.
(5) An inspector may examine on oath any person who he considers is or
may be able to give information concerning any such contravention, and may
administer an oath accordingly.
(6) The inspectors shall make such interim reports to the Isle of Man
Financial Services Authority as they think fit or it may direct and on the conclusion of
the investigation they shall make a final report to it. The Isle of Man Financial Services
Authority may publish any such report and any evidence received by the inspectors.7

(7) If the Isle of Man Financial Services Authority thinks fit, it may direct the
inspector to take no further steps in the investigation or to take only such further steps
as are specified in the direction; and where an investigation is the subject of such a
direction, the inspectors shall make a final report to the Isle of Man Financial Services
Authority only where the Isle of Man Financial Services Authority directs them to do
so.8

(8) A statement made by a person in compliance with a requirement
imposed by virtue of this paragraph may not be used in evidence against him in
respect of any criminal proceedings except proceedings alleging contravention of
section 1 or 2 of the Perjury Act 1952.
(9) A person shall not under this paragraph be required to disclose any
information or produce any document which he would be entitled to refuse to disclose
or produce on grounds of legal professional privilege in proceedings in the High
Court.
(10) A person shall not under this paragraph be required to disclose any
information or produce any document in respect of which he owes an obligation of
confidence by virtue of carrying on the business of banking unless —
(a) the person to whom the obligation of confidence is owed consents
to the disclosure or production, or
(b) the making of the requirement was authorised by the Isle of Man
Financial Services Authority.9

Schedule 3
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(11) Where a person claims a lien on a document its production under this
paragraph shall be without prejudice to his lien.
(12) In this paragraph, “document” includes information recorded in any
form; and in relation to information recorded otherwise than in legible form the power
to require its production includes power to require the production of a copy of the
information in legible form.
(13) A person who is convicted on a prosecution instituted as a result of an
investigation under this paragraph may in the same proceedings be ordered to pay the
expenses of the investigation to such extent as may be specified in the order.
Penalties for failure to co-operate with investigations [1987/4/9]
2. (1) If any person —
(a) refuses to comply with any request under paragraph 1(4); or
(b) refuses to answer any question put to him by the inspectors
appointed under that paragraph with respect to any matter
relevant for establishing whether or not any suspected
contravention has occurred,
the inspectors may certify that fact in writing to the High Court and the court may
inquire into the case.
(2) If, after hearing any witness who may be produced against or on behalf
of the alleged offender and any statement which may be offered in defence, the court is
satisfied that he did without reasonable excuse refuse to comply with such a request or
answer any such question, the court may —
(a) punish him in like manner as if he had been guilty of contempt of
the court; or
(b) direct that the Isle of Man Financial Services Authority may
exercise its powers under this paragraph in respect of him;10

and the court may give a direction under sub-paragraph (b) notwithstanding that the
offender is not within the jurisdiction of the court if the court is satisfied that he was
notified of his right to appear before the court and of the powers available under this
paragraph.
(3) Where the court gives a direction under sub-paragraph (2)(b) in respect
of a person holding a licence under section 7 of the Financial Services Act 2008 in respect
of investment business or services to collective investment schemes the Isle of Man
Financial Services Authority may serve a notice on him —
(a) cancelling any licence of his issued under section 7 of that Act
after the expiry of a specified period after the service of the
notice;11

(b) disqualifying him from becoming licensed under that section after
the expiry of a specified period;
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(c) restricting any such licence during a specified period to the
performance of contracts entered into before the notice comes into
force;
(d) prohibiting him from entering into transactions of a specified kind
or entering into them except in specified circumstances or to a
specified extent;
(e) prohibiting him from soliciting business from persons of a
specified kind or otherwise than from such persons; or
(f) prohibiting him from carrying on business in a specified manner
or otherwise than in a specified manner.12

(4) The period mentioned in sub-paragraph (3)(a) and (c) shall be such
period as appears to the Isle of Man Financial Services Authority reasonable to enable
the person on whom the notice is served to complete the performance of any contracts
entered into before the notice comes into force and to terminate such of them as are of a
continuing nature.13

(5) Where the court gives a direction under sub-paragraph (2)(b) in the case
of a person who is not the holder of a licence under the Financial Services Act 2008 in
respect of investment business or services to collective investment schemes, the Isle of
Man Financial Services Authority may direct that any person licensed under that Act
who knowingly transacts investment business or services to collective investment
schemes of a specified kind, or in specified circumstances or to a specified extent, with
or on behalf of that person shall be treated as having contravened section 4 of that
Act.14

(6) A person shall not be treated for the purposes of sub-paragraph (2) as
having a reasonable excuse for refusing to comply with a request or answer a question
in a case where the contravention or suspected contravention being investigated relates
to dealing by him on the instructions or for the account of another person, by reason
that at the time of the refusal —
(a) he did not know the identity of that other person; or
(b) he was subject to the law of a country or territory outside the
Island which prohibited him from disclosing information relating
to the dealing without the consent of that other person, if he
might have obtained that consent or obtained exemption from
that law.
(7) A notice served on a person under sub-paragraph (3) may be revoked at
any time by the Isle of Man Financial Services Authority by serving a revocation notice
on him; and the Isle of Man Financial Services Authority shall revoke such a notice if it
appears to it that he has agreed to comply with the relevant request or answer the
relevant question.15

(8) The revocation of such a notice as is mentioned in sub-paragraph (3)(a)
shall not have the effect of reviving the licence cancelled by the notice; but nothing in
this sub-paragraph shall be construed as preventing any person who has been subject
to such a notice from again becoming licensed after the revocation of the notice.
Schedule 4
Insider Dealing Act 1998


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Authority for search [1987/4/10]
3. (1) An inspector appointed under paragraph 1 may, for the purpose of an
investigation under that paragraph, apply to a Deemster in chambers for a warrant
under this paragraph in relation to specified premises.
(2) On such an application the Deemster may issue a warrant authorising
the inspector and any other person named in the warrant to enter and search the
premises if he is satisfied that the conditions in sub-paragraph (3) are fulfilled.
(3) The conditions referred to in sub-paragraph (2) are —
(a) that there are reasonable grounds for suspecting that there is on
the premises material (whether or not it can be particularised)
which is likely to be of substantial value (whether by itself or
together with other material) to the investigation for the purpose
of which the application is made; and
(b) that the investigation for the purpose of which the application is
made might be seriously prejudiced unless immediate entry can
be secured to the premises.
(4) Where a person has entered premises in the execution of a warrant
issued under this paragraph, he may seize and retain any material, other than items
subject to legal privilege, which is likely to be of substantial value (whether by itself or
together with other material) to the investigation for the purpose of which the warrant
was issued.
(5) In this paragraph, “premises” includes any place and, in particular,
includes —
(a) any vehicle, vessel, aircraft or hovercraft;
(b) any offshore installations; and
(c) any tent or movable structure.
Obstruction [1987/4/11]
4. (1) Any person who wilfully obstructs any person acting in the execution of
a warrant issued under paragraph 3 shall be guilty of an offence
(2) A person guilty of an offence under this paragraph shall be liable —
(a) on conviction on information to custody for a term not exceeding
7 years or a fine, or both, and
(b) on summary conviction to custody for a term not exceeding 6
months or a fine not exceeding £5,000 or both.
SCHEDULE 4

REPEAL OF ENACTMENTS

Insider Dealing Act 1998 Schedule 4



c AT 2 of 1998 Page 21

Section 15
[Sch 4 repeals the following Act wholly —
Company Securities (Insider Dealing) Act 1987
and the following Acts in part —
Companies Act 1992
Criminal Justice Act 1996.]
Insider Dealing Act 1998 Endnotes


c AT 2 of 1998 Page 23

ENDNOTES

Table of Endnote References

1
Subs (1) repealed by Financial Services Act 2008 Sch 7 (with savings see para 5 of Sch
8). 2
Subs (2) repealed by Company Officers (Disqualification) Act 2009 Sch 5. 3
ADO (whole Act) 1/7/1998 (SD87/98. 4
Ed. note: In relation to the transfer of functions from Treasury to Financial
Supervision Commission, Financial Services Act 2008 Sch 6 para 39(2) reproduced
below-
“(2) Paragraph (1) shall have no effect in respect of an investigation by an inspector
appointed under Schedule 3 before the commencement of this entry.”. 5
Subpara (1) amended by Financial Services Act 2008 Sch 6 with saving and by
SD2015/0090 as amended by SD2015/0276. 6
Subpara (3) amended by Financial Services Act 2008 Sch 6 with saving and by
SD2015/0090 as amended by SD2015/0276. 7
Subpara (6) amended by Financial Services Act 2008 Sch 6 with saving, by Company
Officers (Disqualification) Act 2009 Sch 4 [amendment redundant] and by SD2015/0090
as amended by SD2015/0276. 8
Subpara (7) amended by Financial Services Act 2008 Sch 6 with saving and by
SD2015/0090 as amended by SD2015/0276. 9
Para (b) amended by Financial Services Act 2008 Sch 6 with saving and by
SD2015/0090 as amended by SD2015/0276. 10
Para (b) amended by Financial Services Act 2008 Sch 6 with saving and by
SD2015/0090 as amended by SD2015/0276. 11
Para (a) amended by Financial Services Act 2008 Sch 6. 12
Subpara (3) amended by Financial Services Act 2008 Sch 6 with saving and by
SD2015/0090 as amended by SD2015/0276. 13
Subpara (4) amended by Financial Services Act 2008 Sch 6 with saving and by
SD2015/0090 as amended by SD2015/0276. 14
Subpara (5) substituted by Financial Services Act 2008 Sch 6 and amended by
SD2015/0090 as amended by SD2015/0276. 15
Subpara (7) amended by Financial Services Act 2008 Sch 6 with saving and by
SD2015/0090 as amended by SD2015/0276.