ABSTRACT
Part V of the Criminal Justice Act 1993 is concerned with insider dealing in securities. The ‘securities’ to which it applies are those falling within any paragraph of Schedule 2 to the Criminal Justice Act 199333 which also satisfy any conditions made applicable to them under an order made by the Treasury for those purposes.34 Such an order was made on 1 February 1994 and took effect on 1 March 1994.35 The underlying intention is therefore clear that modifications may be made to the various categories of ‘securities’ which are set out in Schedule 2, should they be necessary, without the need for further primary legislation. The Treasury may by order amend Schedule 2,36 so legislative flexibility is thereby built-in to Part V.37 This was justified on the basis that the terms on which securities are admitted to formal markets differ widely and because of the need to ensure that it is possible to apply this legislation to situations where there is a ready trade in securities related to those traded on formal markets.38 It may always be necessary to amend the legislation to reflect the development of new securities.39
