For the purposes of Article 12 and Article 25, personal transaction means a trade in a financial instrument effected by or on behalf of a relevant person, where at least one of the following criteria are met:

1. (a)

   that relevant person is acting outside the scope of the activities he carries out in that capacity;

2. (b)

   the trade is carried out for the account of any of the following persons:

   1. (i)

      the relevant person;

   2. (ii)

      any person with whom he has a family relationship, or with whom he has close links;

   3. (iii)

      a person whose relationship with the relevant person is such that the relevant person has a direct or indirect material interest in the outcome of the trade, other than a fee or commission for the execution of the trade.