chapter
LEGISLATIVE PROHIBITION
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Notwithstanding the impetus given to the proposed prohibition of insider dealing by the above, it still took some time before it became a criminal offence. In 1977, the Takeover Panel and the Stock Exchange issued a further joint statement which emphasised the need for companies participating in or subject to takeovers to take care to see that insider dealing did not occur. The Stock Exchange also issued its Model Code for Securities Transactions by Directors of Listed Companies which set out certain basic standards of good practice.44 Finally, the Labour government introduced a Companies Bill which provided for criminal penalties and a civil remedy in certain relevant circumstances. As before, that Bill was lost on the dissolution of Parliament.