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  • Part 12: Part 12: Market Abuse

    • Article 82 - Abusive Conduct

      A Person may not behave in relation to an Investment or anything which is the subject matter of (or whose price or value is expressed by reference to the price or value of) an Investment, where such behaviour consists of that Person:

      (1) acquiring or disposing of, or attempting to acquire or dispose of, for his own account or for the account of a third party, either directly or indirectly, an Investment, on the basis of inside information relating to the Investment;
      (2) disclosing inside information to another Person otherwise than in the proper course of the exercise of his employment, profession or duties;
      (3) recommending or inducing any Person, on the basis of inside information, to acquire or dispose of an Investment to which that information relates;
      (4) effecting, or participating in effecting, transactions or orders to trade (otherwise than for legitimate reasons in conformity with accepted market practice on the relevant market) which:
      (A) give, or are likely to give a false or misleading impression as to the supply of, or demand for, or as to the price or value of, one or more Investments, or
      (B) secure the price of one or more Investments at an abnormal or artificial level;
      (5) effecting, or participating in effecting, transactions or orders to trade which employ fictitious devices or any other form of deception or contrivance; or
      (6) disseminating, or causing the dissemination of, information by any means which gives, or is likely to give, a false or misleading impression as to an Investment by a Person who knew or could reasonably be expected to have known that the information was false or misleading.

    • Article 83 - Rules relating to Market Abuse

      The Regulatory Authority may issue Rules in respect of the scope and effect of Article 82, including:

      (1) the meaning of inside information;
      (2) particular types of conduct that are to be regarded as contravening or not contravening Article 82;
      (3) particular types of conduct that are not to be regarded as contravening Article 82; and
      (4) reasons which may or may not be regarded as legitimate, and practices that may or may not be regarded as accepted market practice for the purposes of Article 82(4),
      and such Rules shall be binding on all Persons to whom Article 82 relates.