Insider trading

(1) A person shall not, trade using inside information, or communicate inside information to others who will, or are likely to, trade in the inside information. 123 (2) Any person who trades or aids and abets trading using inside information commits the offence of insider trading and is liable on conviction on indictment to a fine of not more than three times the profit gained or loss avoided as a result of the unlawful trade or communication or to imprisonment for a term of not less than two years and not exceeding ten years, or both. (3) For the purposes of this section– (a) “inside information” means information (i) relates to particular securities or to a particular issuer of securities and not to securities generally or to issuers of securities generally; (ii) is specific or precise; (iii) has not been made public; or (iv) if it were made public, would be likely to have a significant effect on the price of any securities; and (b) “information is made public” if– (i) it is published in accordance with the rules of a securities exchange for the purpose of informing investors and their professional advisers; (ii) it is contained in records which by virtue of any enactment are open to inspection by the public; (iii) it can be readily acquired by those likely to deal in any securities124 (A) to which the information relates; or (B) of an issuer to which the information relates; or (iv) it is derived from information which has lawfully been made public. Offences Relating to Goods Stolen, etc. goods.