• The Rules of Market Conduct

    • 96. The Rules of Market Conduct

      (1) The Regulator may make Rules ("Rules of Market Conduct") specifying —
      (a) descriptions of Behaviour that, in the opinion of the Regulator, amount to Market Abuse;
      (b) descriptions of Behaviour that, in the opinion of the Regulator, do not amount to Market Abuse;
      (c) factors that, in the opinion of the Regulator, are to be taken into account in determining whether or not Behaviour amounts to Market Abuse;
      (d) descriptions of Behaviour that are Accepted Market Practices in relation to one or more Prescribed Markets;
      (e) descriptions of Behaviour that are not Accepted Market Practices in relation to one or more Prescribed Markets.
      (2) Rules of Market Conduct may make different provisions in relation to persons, cases or circumstances of different descriptions.

    • 97. Effect of the Rules of Market Conduct

      (1) If a person behaves in a way which is described (in the Rules of Market Conduct in force under section 96 at the time of the Behaviour) as Behaviour that, in the Regulator's opinion, does not amount to Market Abuse, that Behaviour of his is to be taken, for the purposes of these Regulations, as not amounting to Market Abuse.
      (2) Otherwise, the Rules of Market Conduct in force under section 96 at the time when particular Behaviour occurs may be relied on so far as it indicates whether or not that Behaviour should be taken to amount to Market Abuse.

    • 98. Prohibition on Market Abuse

      (1) A person ("A") shall not —
      (a) engage in Market Abuse; or
      (b) by taking or refraining from taking any action, require or encourage another person or persons to engage in Behaviour which, if engaged in by A, would amount to Market Abuse.
      (2) A person does not contravene subsection (1) if —
      (a) he believed, on reasonable grounds, that his Behaviour did not fall within paragraph (a) or (b) of that subsection; or
      (b) he took all reasonable precautions and exercised all due diligence to avoid behaving in a way which fell within paragraph (a) or (b) of that subsection.