Insider Dealing (Public Servants) Order (Northern Ireland) 1991

Statutory Rules of Northern Ireland

1991 No. 156

COMPANIES

Insider Dealing (Public Servants) Order (Northern Ireland) 1991

Made

15th April 1991

To be laid before Parliament under paragraph 3(3) of Schedule 1 to the Northern Ireland Act 1974

Coming into operation

31st May 1991

Whereas it appears to the Department of Economic Development (“the Department”)(1) that the Bank of England, the Board of Banking Supervision established by the Bank of England under section 2 of the Banking Act 1987(2), Lloyd’s and the Monopolies and Mergers Commission exercise public functions;

And whereas it appears to the Department that members, officers or employees of or otherwise connected with those bodies may have access to unpublished price sensitive information relating to securities;

Now, therefore, the Department, in exercise of the powers conferred on it by Article 11(5) of the Company Securities (Insider Dealing) (Northern Ireland) Order 1986(3), and of every other power enabling it in that behalf, hereby makes the following Order:

Citation and commencement

1.  This Order may be cited as the Insider Dealing (Public Servants) Order (Northern Ireland) 1991 and shall come into operation on 31st May 1991.

Persons declared to be public servants

2.  It is hereby declared that the following persons are to be public servants for the purposes of Article 11 of the Company Securities (Insider Dealing) (Northern Ireland) Order 1986—

(a) the Governor, Deputy Governor, Directors, employees and individuals acting as employees of the Bank of England, and members of the Board of Banking Supervision;

(b) members of the Council, Committee, Appeal Tribunal or Disciplinary Committees or any Disciplinary Committee of Lloyd's, individuals by whom any such body acts, and officers and employees of Lloyd's, and

(c) members of the Monopolies and Mergers Commission and individuals employed by, or engaged in work for or on behalf of, the Commission or employed by, or engaged in that work for or on behalf of, persons so engaged.

Sealed with the Official Seal of the Department of Economic Development on 15th April 1991.

L.S.

A.H. McAlister

Assistant Secretary

Explanatory Note

(This note is not part of the Order.)

This Order extends the definition of public servant for the purposes of Article 11 of the Company Securities (Insider Dealing) (Northern Ireland) Order 1986 (“the Order”) to the following persons:

(a) the Governor, Deputy Governor, Directors, employees and individuals acting as employees of the Bank of England, and members of the Board of Banking Supervision;

(b) members of the Council, Committee, Appeal Tribunal or Disciplinary Committees or any Disciplinary Committee of Lloyd's, individuals by whom any such body acts, and officers and employees of Lloyd's, and

(c) members of the Monopolies and Mergers Commission and individuals employed by, or engaged in work for or on behalf of, the Commission or employed by, or engaged in that work for or on behalf of, persons so engaged.

Article 11 of the Order provides, among other matters, that it shall be an offence for a public servant holding, in an official capacity, unpublished price sensitive information (as defined in Article 4 of the Order) about securities of a particular company to deal in those securities or to counsel or procure dealing in those securities by another.

(1)

See the definition of “the Department” in Article 2(3) of the Companies (Northern Ireland) Order 1986 which applies by virtue of Article 2(3) of the Company Securities (Insider Dealing) (Northern Ireland) Order 1986

(2)

1987 c. 22

(3)

S.I. 1986/1034 (N.I.8): Article 11(5) was added by Article 28(b) of the Companies (Northern Ireland) Order 1989 (S.I. 1989/2404 (N.I. 18))