The Companies (Northern Ireland) Order 1989

Market makers, off-market dealers, etc.

29.—(1) In paragraph (1) of Article 12 of the Insider Dealing Order (actions not prohibited by Articles 10 and 11 of that Order)—

(a) in sub-paragraph (b) “or” shall be omitted in the third place where it occurs;

(b) at the end of sub-paragraph (c) there shall be inserted

“; or

(d) doing any particular thing in relation to any particular securities if the information—

(i) was obtained by him in the course of a business of a market maker in those securities in which he was engaged or employed, and

(ii) was of a description which it would be reasonable to expect him to obtain in the ordinary course of that business,

and he does that thing in good faith in the course of that business.”;

(c) at the end of paragraph (1) there shall be inserted—

• “ “Market maker” means a person (whether an individual, partnership or company) who—

  (a)

  holds himself out at all normal times in compliance with the rules of a recognised stock exchange as willing to buy and sell securities at prices specified by him; and

  (b)

  is recognised as doing so by that recognised stock exchange.”.

(2) In Article 13 of the Insider Dealing Order (off-market deals in advertised securities)—

(a) the existing provisions shall become paragraph (1) of that Article;

(b) at the end there shall be inserted—

“(2) In its application by virtue of this Article the definition of “market maker” in Article 12(1) shall have effect as if the references to a recognised stock exchange were references to a recognised investment exchange (other than an overseas investment exchange) within the meaning of the Financial Services Act 1986.”.