ABSTRACT
The second defence differs slightly from its equivalent for ‘dealing’ in securities.46 It will apply where the individual is able to show that, at the time, he believed on reasonable grounds that the information had been or would be disclosed widely enough to ensure that none of those taking part in the dealing would be prejudiced by not having knowledge of the information.47 The slight difference is that the defence will still apply where, at the time of giving the encouragement, the information is not thought to have been disclosed but the individual is able to demonstrate that he had reasonable grounds for believing that it would be disclosed sufficiently.
