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Up to May 1 2010May 2 2010 onwards

48. Defences for market manipulation, insider dealing and providing inside information



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(1) A person shall not be found to have contravened Article 36 if the person establishes that the conduct or practice the person engaged in was in the performance of, and in accordance with, the price stabilisation requirements as prescribed in the Rules.
(2) A person shall not be found to have contravened Article 42 if:
(a) the person establishes that he reasonably believed that the inside information had been disclosed to the market in accordance with this Law or the Rules;
(b) the dealing occurred in the legitimate performance of an underwriting agreement for the Investments or related investments in question;
(c) the dealing occurred in the legitimate performance of its functions as a liquidator or receiver;
(d) the dealing is undertaken solely in the course of the legitimate performance of his functions as a market maker;
(e) the person executes an unsolicited client order in Investments or related investments while in possession of inside information without contravening Article 43 or otherwise advising or encouraging the client in relation to the transaction;
(f) the dealing is undertaken legitimately and solely in the context of that person's public takeover bid for the purpose of gaining control of that Reporting Entity or proposing a merger with that Reporting Entity; or
(g) the sole purpose of the Reporting Entity acquiring its own shares was to satisfy a legitimate reduction of share capital or to redeem securities in accordance with the Rules.
(3) A person shall not be found to have contravened Article 43 if:
(a) the person establishes that the information was disclosed by him in accordance with any requirement of the law or a court order; or
(b) the person establishes that he reasonably believed that the inside information had been disclosed to the market in accordance with this Law or the Rules.