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7 Insiders (s 57 CJA)

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: 13 April 2024

Insider dealing — UK Financial Services Authority (FSA) — Hedge fund
7.01 This Chapter deals with the elements that must be proved in order to establish that a person has information as an ‘insider’. 7.02 Breaking s 57 down, the requirements are that the person in question: 7.03 Section 57 CJA demonstrably requires actual knowledge on the part of the defendant. Belief will not suffice.1 In imposing this requirement the CJA is consistent with the Insider Dealing Directive (‘IDD’)2 which required that persons be prohibited from ‘taking advantage of [inside] information with full knowledge of the facts’.3 7.04 There is some authority...
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