Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Insider definition

What does Insider mean? In practice, an insider is a person who possesses inside information about an issuer or its financial instruments, typically triggering insider dealing restrictions, disclosure prohibitions and compliance controls (for example, dealing bans, insider lists and wall‑crossing). Under the uk market abuse regulation (retained Regulation (EU) 596/2014), a person is treated as an insider if they possess inside information obtained by virtue of: - being a member of an issuer’s administrative, management or supervisory bodies; - having a holding in the issuer’s capital; - access through the exercise of employment, a profession or duties; or - involvement in criminal activities. A person who possesses inside...

Insider dealing disclosure offence under section 52 CJA 1993: elements, defences and penalties

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Practice notes

This Practice Note addresses one of the three criminal offences under section 52 of the Criminal Justice Act 1993 (CJA 1993): the act of revealing Inside information to another, save where done in the proper exercise of one’s employment or duties (the ‘disclosing information offence’). For wider guidance on criminal Insider dealing—including who qualifies as an Insider, what amounts to inside information, and what is an inside source—see Practice Note: Insider dealing—the criminal offence.

How can a person commit the disclosing (inside) information offence?

The offence arises where an individual passes inside information to someone else other than in the legitimate course of their employment, position or role. The individual must be aware that the information is inside information and that it originates from an inside source; knowledge must extend to both its nature and its provenance. See Practice Note: Insider dealing—the criminal offence...

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Web page updated on 21/05/2026

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