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...

Criminal insider dealing: statutory defences to dealing, encouraging and disclosing offences under the Criminal Justice Act 1993, including market maker, market information, transaction facilitation and price stabilisation defences.

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Practice notes

This Practice Note sets out the statutory defences available in respect of the three criminal insider dealing offences under the Criminal Justice Act 1993 (CJA 1993): the ‘dealing offence’, the ‘encouragement offence’ and the ‘disclosing offence’. It should be read alongside Practice Note: Insider dealing—the criminal offence, which details the constituent elements of the three criminal insider dealing offences. For coverage of the civil/regulatory insider dealing framework, see Practice Note: UK market abuse Regulation—insider dealing.

General defences

The statutory defences applicable to the three criminal insider dealing offences appear in CJA 1993, s 53. The burden lies with the defence to demonstrate, on the balance of probabilities, that a defence is established.

General defences to the dealing offence and encouraging offence

There are three general defences available to the dealing offence or the encouraging offence...

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Caroline Timoney

Paul Hastings LLP

Caroline Timoney is a Legal Research Analyst in Paul Hastings’ London office. She was previously the Commercial Litigation & Civil Fraud Legal Researcher at Peters & Peters Solicitors LLP. Caroline studied Law at the University of Cape Town and completed a Master’s degree in International Law in 2015. Caroline worked for the political think tank Afro-Middle East Centre in Johannesburg before moving to London to work as a researcher in legal publishing. She has presented research at the International Network of Genocide Scholars’ Conference and published articles on Middle Eastern politics, fraud, and international law....

Web page updated on 21/05/2026

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