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Article 61 Defences

61.1 A person is not guilty of Insider Trading by virtue of dealing in Securities if he shows:
61.1.1 That he did not at the time expect the dealing to result in a profit attributable to the fact that the information in question was Inside Information in relation to the Securities, or
61.1.2 That at the time he believed on reasonable grounds that the information had been disclosed widely enough to ensure that none of those taking part in the dealing would be prejudiced by not having the information, or
61.1.3 That he would have done what he did even if he had not had the information.
61.2 A person is not guilty of Insider Trading by virtue of encouraging another person to deal in Securities if he shows:
61.2.1 That he did not at the time expect the dealing to result in a profit attributable to the fact that the information in question was Inside Information in relation to the Securities; or
61.2.2 That at the time he believed on reasonable grounds that the information had been or would be disclosed widely enough to ensure that none of those taking part in the dealing would be prejudiced by not having the information, or
61.2.3 That he would have done what he did even if he had not had the information.
61.3 A person is not guilty of Insider Trading by virtue of a disclosure of information if he shows:
61.3.1 That he did not at the time expect any person, because of the disclosure, to deal in the Securities in question.
61.4 A person is not guilty of Insider Trading by virtue of dealing in Securities or encouraging another person to deal if he shows that he acted in good faith in the course of his business as a market maker or his employment in the business of a market maker. For the purposes of this Article a market maker is a person who is licensed as a market maker by the Agency.
61.5 An individual is not guilty of Insider Trading by virtue of dealing in Securities or encouraging another person to deal if he shows that:
61.5.1 The information which he had as an insider was Market Information; and
61.5.2 It was reasonable for an individual in his position to have acted as he did despite having that information as an insider at the time.
61.6 For the purpose of Article 61.5.2, in determining whether it is reasonable for an individual to do any act despite having Market Information at the time, there shall, in particular, be taken into account:
61.6.1 The content of the information;
61.6.2 The circumstances in which he first had the information and in what capacity; and
61.6.3 The capacity in which he now acts.
61.7 A person is not guilty of Insider Trading by virtue of dealing in Securities or encouraging another person to deal if he shows:
61.7.1 That he acted:
(a) in connection with an acquisition or disposal which was under consideration or the subject of negotiation, or in the course of a series of such acquisitions or disposals; and
(b) with a view to facilitating the accomplishment of the acquisition or disposal or the series of acquisitions or disposals; and
61.7.2 That the information which he had as an insider was Market Information arising directly out of his involvement in the acquisition or disposal or series of acquisitions or disposals.
61.8 A person is not guilty of Insider Trading by virtue of dealing in Securities or encouraging another person to deal if he shows that he acted in conformity with any price stabilization rules made by the Agency.
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