Company Securities (Insider Dealing) Act 1985

6 International bonds

(1) Section 1 does not by virtue of section 4 or 5 prohibit an individual from doing anything in relation to a debenture, or a right to subscribe for, call for or make delivery of a debenture, if—

(a) that thing is done by him in good faith in connection with an international bond issue—

(i) not later than 3 months after the issue date, or

(ii) in a case where the international bond issue is not proceeded with, before the decision is taken not to proceed with the issue,

and he is an issue manager for that issue or is an officer, employee or agent of an issue manager for that issue, or

(b) he is or was an issue manager for an international bond issue who is making a market in that debenture or right, or is an officer, employee or agent of such an issue manager, and that thing is done by him in good faith as a person making a market in that debenture or right or as an officer, employee or agent of such a person,

and in either case the unpublished price sensitive information by virtue of which section 1 would (but for this section) apply in relation to that thing is information which he holds by virtue of his being (or having been) such an issue manager or an officer, employee or agent of such an issue manager, and is information which it would be reasonable to expect him to have obtained as an issue manager, or as such officer, employee or agent.

(2) Where an individual holds unpublished price sensitive information in relation to any securities but by virtue of subsection (1) of this section he is not prohibited by section 1 from doing anything in relation to those securities, he is also not prohibited (by virtue of his holding that information) by section 5 from doing any other thing in relation to those securities.

(3) The Secretary of State may by regulations made by statutory instrument make provision—

(a) extending the exemptions conferred by subsection (1) or (2) (or both) for things done in relation to other advertised securities or other advertised securities of any specified class;

(b) amending or disapplying sub-paragraph (i) or (ii) (or both) of subsection (1)(a) in relation to an international bond issue or an international bond issue of a specified class.

(4) Regulations under subsection (3)—

(a) may make different provision for different cases or classes of case and may contain such incidental and supplementary provisions as the Secretary of State may think fit,

(b) shall not be made unless a draft of the instrument containing them has been laid before Parliament and approved by a resolution of each House.