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 sentencing: principles, key factors and case outcomes (England and Wales) [Archived]

Published by a LexisNexis Corporate Crime expert

Practice notes

Archived: This Practice Note has been archived and is not being maintained or updated.

Insider dealing involves exploiting confidential or privileged information that has not yet been made public or otherwise disclosed, in order to gain an advantage in the market.

If a person in possession of Inside information uses it to deal in price-affected Securities, that conduct amounts to the offence known as insider dealing.

For fuller detail on the offence of insider dealing, including the maximum sentences that may follow conviction, see Practice Notes: Insider dealing—the criminal offence and Insider dealing—defences to criminal charges for further guidance.

Sentencing guidelines

There are no offence-specific sentencing guidelines for this offence; none exist. Consequently, the Sentencing Council’s General guideline: overarching principles will govern sentencing for all insider dealing offences.

From that point, sentencing courts must apply the guideline to every case, unless the interests of justice suggest otherwise, as required accordingly. See Practice Note: Sentencing Council General Guideline—Overarching Principles.

However, the General guideline states that, when applied, courts should also take account of sentencing judgments of the Court of Appeal (Criminal Division), definitive guidelines for analogous offences, and the statutory maximum sentence for the particular offence.

Therefore, the following sentencing guidance...

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Web page updated on 21/05/2026

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