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11 Statutory Defences

From: Insider Dealing: Law and Practice

Sarah Clarke

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 14 April 2024

Insider dealing — UK Financial Conduct Authority (FCA)
11.01 This Chapter deals with the various statutory defences which are set out in s 53 and Schedule 1 CJA. It also deals with the issue of whether these defences impose a legal ‘reverse’ burden on a defendant in addition to an evidential burden. 11.02 Section 53(1) provides three potential defences for the primary insider dealing offence: 11.03 Section 53(6) CJA provides that references to a profit include references to the avoidance of a loss. 11.04 The Law Society’s Company Law Committee regarded this defence as ‘particularly obscure’.1 In practice, it is...
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