ABSTRACT
The important expression ‘inside information’ is defined7 essentially as meaning information which has four basic characteristics: • The first is that it must relate to particular securities or to a particular
issuer, or to particular issuers of securities and not to securities generally, or to issuers of securities generally.8 For the purposes of Part V of the Criminal Justice Act 1993, it is provided that an ‘issuer’, in relation to any securities, means any company, public sector body or individual by which or by whom the securities have been or are to be issued.9 It is further provided, for the purposes of Part V of the Act, that information shall be treated as relating to an issuer of securities which is a company not only where it is about the company but also where it may affect the business prospects of the company.10
