Article 87 Inside information

1. information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets;, offerorsmeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; or persons seeking admission to trading, or to one or more crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology;, and which, if it were made public, would likely have a significant effect on the prices of those crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; or on the price of a related crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology;;

2. for persons charged with the execution of orders for crypto-assets on behalf of clientsmeans the conclusion of agreements, on behalf of clients, to purchase or sell one or more crypto-assets or the subscription on behalf of clients for one or more crypto-assets, and includes the conclusion of contracts to sell crypto-assets at the moment of their offer to the public or admission to trading;, it also means information of a precise nature conveyed by a clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; and relating to the clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’s pending orders in crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology;, relating, directly or indirectly, to one or more issuersmeans a natural or legal person, or other undertaking, who issues crypto-assets;, offerorsmeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public; or persons seeking admission to trading or to one or more crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology;, and which, if it were made public, would likely have a significant effect on the prices of those crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; or on the price of a related crypto-assetmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology;.

For the purposes of paragraph 1, information shall be deemed to be of a precise nature if it indicates a set of circumstances which exists or which may reasonably be expected to come into existence, or an event which has occurred or which may reasonably be expected to occur, where it is specific enough to enable a conclusion to be drawn as to the possible effect of that set of circumstances or event on the prices of crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology;. In that respect, in the case of a protracted process that is intended to bring about, or that results in, particular circumstances or a particular event, those future circumstances or that future event, and also the intermediate steps of that process which are connected with bringing about or resulting in those future circumstances or that future event, may be deemed to be precise information.

An intermediate step in a protracted process shall be deemed to be inside information if, in and of itself, it satisfies the criteria of inside information referred to in paragraph 2.

For the purposes of paragraph 1, information which, if it were made public, would likely have a significant effect on the prices of crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; shall mean information that a reasonable holder of crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; would likely use as part of the basis of the holder’s investment decisions.