Individual would have dealt anyway
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The third ‘defence’ where the individual in question has ‘dealt in securities’ is where he is able to show that he would have done what he did even if he had not possessed the information.37 For this defence to be applicable, the individual will therefore need to be able to demonstrate that he had a compelling reason or justification for dealing in the securities in question and that he, the individual, would have done so on that basis regardless of the inside information in his possession. Whether he is able to do so will depend on the facts and circumstances of the case.