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Key definition
Inside information definition

What does Inside information mean? In practice, inside information is non-public, precise, price-sensitive information about an issuer or its financial instruments, including related derivatives. It is a statutory concept central to market abuse controls and insider dealing offences. United Kingdom: Article 7 of the uk market abuse regulation (Retained Regulation (EU) No 596/2014) defines inside information as information of a precise nature, not made public, relating directly or indirectly to one or more issuers or financial instruments, which, if made public, would be likely to have a significant effect on their prices (including related derivatives). This drives: (i) the prohibitions on insider dealing...

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UK DTR 2: issuer obligations on disclosure, delay, control and selective disclosure of inside information—FCA/ESMA guidance, case law, COVID‑19 context and enforcement (post‑Brexit UK MAR)

Practice notes
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Resource Note

This Resource Note signposts key commentary, analysis and materials to aid interpretation and offer practical direction on using Chapter 2 of the disclosure guidance and transparency rules (DTR 2). Where relevant, it draws on:

  • the Financial Conduct Authority (FCA) Handbook
  • FCA Knowledge Base—Procedural and Technical notes (formal guidance binding on the FCA)
  • FCA consultation and discussion papers, policy and feedback statements, and warnings
  • Primary Market Bulletins and other FCA publications
  • legacy UKLA technical and procedural notes and the UKLA’s newsletter List!, where still pertinent
  • assimilated EU legislation
  • EU Directives and EU Regulations, where helpful to construing a provision
  • Lexis+® UK analysis and resources

Setting the scene

What it covers: DTR 2 prescribes the framework for issuers to disclose and manage inside information, supporting timely and even-handed release of market-sensitive information. It also identifies specific situations permitting a delay to public disclosure of inside information, together with the safeguards required to keep such information confidential...

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Web page updated on 22/05/2026

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