chapter
DEFENCES TO ‘DEALING IN SECURITIES’
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The first is where the individual dealing is able to show that he did not, at the time, expect the dealing to result in a profit attributable to the fact that the information which he possessed was price-sensitive information in relation to the securities in question.17 For these purposes, it is provided that the reference to a profit must be taken as including a reference to the avoidance of a loss.18 Accordingly, the individual must be able to show that he did not, at the time, expect the dealing to result in a profit or in the avoidance of a loss which, in either case, was attributable to the fact that the information in question was pricesensitive information.19