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Jan 1 2015 onwards

CMC 6-3 Definition of "Insider"



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The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

To view past versions of this module in PDF format, please visit the Archive.

1. The term "InsiderG " is defined in Article 63(1)(b) as meaning:

"…a person who has Inside Information:
(i) as a result of his membership of the board of Directors, or the Governing Body of the relevant Reporting Entity;
(ii) as a result of his holding in the capital of the relevant Reporting Entity;
(iii) as a result of having access to the information through the exercise of his employment, profession or duties;
(iv) as a result of his criminal activities; or
(v) which he has obtained by other means and which he knows, or could reasonably be expected to know, is Inside Information."
2. If a person has Inside InformationG in any of the circumstances set out in Article 63(1)(b)(i) to (iv) then, in the DFSA's view, it is not necessary to show that the person knew that the information concerned was Inside InformationG . However, if the person has information in the circumstances set out in Article 63(1)(b)(v), then that sub-paragraph requires that the person knew, or could reasonably be expected to know, that the information is Inside InformationG . For that purpose, a person could reasonably be expected to know, if a reasonable person in his position who has Inside InformationG would have known it is Inside InformationG .
Derived from GM9/2014 (Made 1st January 2015). [VER1/01-15]