
1 
This Order may be cited as the Insider Dealing (Securities and Regulated Markets) Order 1994 and shall come into force on the twenty eighth day after the day on which it is made.
2 
In this Order a “State within the European Economic Area” means a State whichis a member of the European Communities and the Republics of Austria, Finland and Iceland, the Kingdoms of Norway and Sweden and the Principality of Liechtenstein.
3 
Articles 4 to 8 set out conditions for the purposes of section 54(1) of the Criminal Justice Act 1993 (securities to which Part V of the Act of 1993 applies).
4 
The following condition applies in relation to any security which falls within any paragraph of Schedule 2 to the Act of 1993, that is, that it is officially listed in a State within the European Economic Area or that it is admitted to dealing on, or has its price quoted on or under the rules of, a regulated market.
5 
The following alternative condition applies in relation to a warrant, that is, that the right under it is a right to subscribe for any share or debt security of the same class as a share or debt security which satisfies the condition in article 4.
6 
The following alternative condition applies in relation to a depositary receipt, that is, that the rights under it are in respect of any share or debt security which satisfies the condition in article 4.
7 
The following alternative conditions apply in relation to an option or a future, that is, that the option or rights under the future are in respect of—
(a) any share or debt security which satisfies the condition in article 4, or
(b) any depositary receipt which satisfies the condition in article 4 or article 6.
8 
The following alternative condition applies in relation to a contract for differences, that is, that the purpose or pretended purpose of the contract is to secure a profit or avoid a loss by reference to fluctuations in—
(a) the price of any shares or debt securities which satisfy the condition in article 4, or
(b) an index of the price of such shares or debt securities.
9 
The following markets are regulated markets for the purposes of Part V of the Act of 1993—
 any market which is established under the rules of an investment exchange specified in the Schedule to this Order.
10 
The regulated markets which are regulated in the United Kingdom for the purposes of Part V of the Act of 1993 are any market which is established under the rules of—
(a) the International Stock Exchange of the United Kingdom and the Republic of Ireland Limited, other than the market which operates in the Republic of Ireland known as the Irish Unit of the International Stock Exchange of the United Kingdom and the Republic of Ireland Limited;
(b) LIFFE Administration & Management; and
(c) OMLX, the London Securities and Derivatives Exchange Limited.
Tim Wood
Irvine Patnick
Two of the Lords Commissioners of Her Majesty’s Treasury.
1st February 1994.
SCHEDULE
Article 9

Any market which is established under the rules of one of the following investment exchanges:
 Amsterdam Stock Exchange.
 Antwerp Stock Exchange.
 Athens Stock Exchange.
 Barcelona Stock Exchange.
 Bavarian Stock Exchange.
 Berlin Stock Exchange.
 Bilbao Stock Exchange.
 Bologna Stock Exchange.
 Bordeaux Stock Exchange.
 Bremen Stock Exchange.
 Brussels Stock Exchange.
 Copenhagen Stock Exchange.
 Dusseldorf Stock Exchange.
 Florence Stock Exchange.
 Frankfurt Stock Exchange.
 Genoa Stock Exchange.
 Ghent Stock Exchange.
 Hamburg Stock Exchange.
 Hanover Stock Exchange.
 Helsinki Stock Exchange.
 The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited.
 Liege Stock Exchange.
 Lille Stock Exchange.
 Lisbon Stock Exchange.
 LIFFE Administration & Management.
 Luxembourg Stock Exchange.
 Lyon Stock Exchange.
 Madrid Stock Exchange.
 Marseille Stock Exchange.
 Milan Stock Exchange.
 Nancy Stock Exchange.
 Nantes Stock Exchange.
 Naples Stock Exchange.
 The exchange known as NASDAQ.
 OMLX, the London Securities and Derivatives Exchange Limited.
 Oporto Stock Exchange.
 Oslo Stock Exchange.
 Palermo Stock Exchange.
 Paris Stock Exchange.
 Rome Stock Exchange.
 Securities Exchange of Iceland. Stockholm Stock Exchange.
 Stuttgart Stock Exchange.
 Trieste Stock Exchange.
 Turin Stock Exchange.
 Valencia Stock Exchange.
 Venice Stock Exchange.
 Vienna Stock Exchange.
