Insider Dealing (Securities and Regulated Markets) Order, 1996 (Consolidated text)

Summary

This is a consolidated Guernsey statutory instrument made under the Company Securities (Insider Dealing) (Bailiwick of Guernsey) Law, 1996. It does not create a new offence itself but defines two things the insider dealing offence depends on: which securities are covered, and which markets count as 'regulated markets' for the purposes of that Law.

• Securities covered: Sets conditions under which shares, debt securities, warrants, depositary receipts, options, futures and contracts for differences fall within the scope of the insider dealing Law, generally where the underlying security is officially listed in an EEA state or admitted to dealing on a regulated market.
• Regulated markets (general): Section 9 and the Schedule list the investment exchanges (a large list of stock, futures and derivatives exchanges worldwide, plus IOSCO member/regulated exchanges) whose markets count as 'regulated markets' for the Law generally.
• Regulated markets for offenders outside the Bailiwick: Section 10 lists a narrower set of markets (the Guernsey-listed exchange and specified UK markets such as the London Stock Exchange, EDX, PLUS, Sharemark and Virt-x) that apply where the alleged offender was not in the Bailiwick at the relevant time.
• No offence without a listed market: Per the Explanatory Note, no insider dealing offence arises unless the dealing occurred on a market listed under Section 9 (offender in the Bailiwick) or Section 10 (offender outside the Bailiwick).

The Order has been amended several times since 1996 (1997, 2000, 2008, 2015, 2017) to update the lists of qualifying markets and exchanges; this consolidated text incorporates those changes but is stated to be non-authoritative, with the authoritative version held by HM Greffier.

Applies to

individuals dealing in securities on a regulated market, investment exchanges listed in the Schedule or Section 10

Related documents

• This document is made under Company Securities (Insider Dealing) (Bailiwick of Guernsey) Law, 1996
• Insider Dealing (Securities and Regulated Markets) (Amendment) Order, 2008 (No. 64) amends this document
• Insider Dealing (Securities and Regulated Markets) (Amendment) Order, 2017 (No. 22) amends this document
• No.16 Insider Dealing (Securities and Regulated Markets) (Amendment) Order, 2000 amends this document
• Insider Dealing (Securities and Regulated Markets) (Amendment) Order, 1997 (No. 6) amends this document