Statutory Instrument 1989 No. 2164

The Insider Dealing (Public Servants) Order 1989

---

© Crown Copyright 1989

Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.

The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Insider Dealing (Public Servants) Order 1989, ISBN 0110981642. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.

Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1989 No. 2164

FINANCIAL SERVICES

The Insider Dealing (Public Servants) Order 1989

Whereas it appears to the Secretary of State that the Bank of England, the Board of Banking Supervision established by the Bank of England under section 2 of the Banking Act 1987^[1] , Lloyd's and the Monopolies and Mergers Commission exercise public functions;

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of State that members, officers or employees of or persons otherwise connected with those bodies may have access to unpublished price sensitive information relating to securities;

Now, therefore, the Secretary of State, in exercise of the powers conferred on him by section 2(5) of the Company Securities (Insider Dealing) Act 1985^[2] , hereby makes the following Order:—

    1.    This Order may be cited as the Insider Dealing (Public Servants) Order 1989 and shall come into force on 1st January 1990.

    2.    It is hereby declared that the following persons are to be public servants for the purposes of section 2 of the Company Securities (Insider Dealing) Act 1985—
 (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;
 (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.

John Redwood

Parliamentary Under-Secretary of State,
Department of Trade and Industry

19th November 1989

This Order extends the definition of public servant for the purposes of section 2 of the Company Securities (Insider Dealing) Act 1985 ("the Act" ) 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;

(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.

Section 2 of the Act 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 section 10 of the Act) about securities of a particular company to deal in those securities, or to counsel or procure dealing in those securities by another.

[1] 1987 c. 22. back

[2] 1985 c. 8: section 2(5) was added by section 173 of the Financial Services Act 1986 (c. 60). back