Company Securities (Insider Dealing) Act 1985

7 Trustees and personal representatives

(1) Where a trustee or personal representative or, where a trustee or personal representative is a body corporate, an individual acting on behalf of that trustee or personal representative who, apart from paragraph (a) of section 3(1) or, as the case may be, subsection (2) of section 5, would be prohibited by any of sections 1 to 5 from dealing, or counselling or procuring any other person to deal, in any securities deals in those securities or counsels or procures any other person to deal in them, he is presumed to have acted with propriety if he acted on the advice of a person who—

(a) appeared to him to be an appropriate person from whom to seek such advice, and

(b) did not appear to him to be prohibited by section 1, 2, 4 or 5 from dealing in those securities.

(2) " With propriety " means otherwise than with a view to the making of a profit or the avoidance of a loss (whether for himself or another person) by the use of the information in question.