Article 89 Prohibition of insider dealing

For the purposes of this Regulation, insider dealing shall be deemed to arise where a person possesses inside information and uses that information by acquiring or disposing of, for its own account or for the account of a third party, directly or indirectly, 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; to which that information relates. The use of inside information by cancelling or amending an order concerning a 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; to which the information relates where the order was placed before the person concerned possessed the inside information, shall also be considered to be insider dealing. The use of inside information shall also comprise submitting, modifying or withdrawing a bid by a person for its own account or for the account of a third party.

No person shall engage or attempt to engage in insider dealing or use inside information about 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; to acquire, or dispose 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;, directly or indirectly, whether for that person’s own account or for the account of a third party. No person shall recommend that another person engage in insider dealing or induce another person to engage in insider dealing.

1. to acquire or dispose 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

2. to cancel or amend an order concerning 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;.

The use of a recommendation or inducement as referred to in paragraph 3 amounts to insider dealing within the meaning of this Article where the person using that recommendation or inducement knows or ought to know that it is based on inside information.

1. being a member of the administrative, management or supervisory bodies of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;, the offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public;, or the person seeking admission to trading;

2. having a holding in the capital of the issuermeans a natural or legal person, or other undertaking, who issues crypto-assets;, the offerormeans a natural or legal person, or other undertaking, or the issuer, who offers crypto-assets to the public;, or the person seeking admission to trading;

3. having access to the information through the exercise of an employment, profession or duties or in relation to its role in the distributed ledger technologyor ‘DLT’ means a technology that enables the operation and use of distributed ledgers; or similar technology; or

4. being involved in criminal activities.

This Article also applies to any person who possesses inside information under circumstances other than those referred to in the first subparagraph where that person knows or ought to know that it is inside information.

Where person as referred to in paragraph 1 is a legal person, this Article shall apply, in accordance with national law, to the natural persons who participate in the decision to carry out the acquisition, disposal, cancellation or amendment of an order for the account of the legal person concerned.