Section 111: Prohibition of dealing in securities by insiders.

(1) Subject to section 104 of this Act, a person who is an insider of a company shall not buy or sell, or otherwise deal in the securities of the company which are offered to the public for sale or subscription if he has information which he knows is unpublished price sensitive information in relation to those securities.
(2) The provisions of subsection (1) of this section applies where:
(a) a person has information which he knowingly obtains (directly or indirectly) from another person who:
(i) is connected with a particular company, or was at any time within the six months preceding the obtaining of the information, so connected,
(ii) the former person knows about, or has reasonable cause to know that the latter individual holds, the information by virtue of being so connected; and
(b) the former person knows or has reasonable cause to believe that, because of the latter's connection and position, it would be reasonable to expect him not to disclose the information except for the proper performance of the functions attached to that position.
(3) The former person mentioned in subsection (2) of this section:
(a) shall not himself deal in securities of that company if he knows that the information is unpublished price sensitive information in relation to those securities; and
(b) shall not himself deal in securities of any other company if he knows that the information is unpublished price sensitive information in relation to those securities and it relates to any transaction (actual or contemplated) involving the first company and the other company, or involving one of them and securities of the other, or to the fact that any such transaction is no longer contemplated.
(4) Where a person is contemplating or has contemplated making (with or without another person) a take-over offer for a company in a particular capacity, that person shall not deal in securities of that company in another capacity if he knows that the offer is contemplated or is no longer contemplated and the offer is unpublished price sensitive information in relation to those securities.
(5) Where a person has knowingly obtained (directly or indirectly) from an individual to whom subsection (4) of this section applies, information that the offer referred to in that subsection is being contemplated or is no longer contemplated, the former person shall not himself deal in securities of that company if he knows that the information is unpublished price sensitive information in relation to those securities.
(6) A person who is for the time being prohibited by the provisions of this section from dealing on an approved securities exchange or capital trade point in any securities shall not counsel or procure any other person to deal in those securities, knowing or having reasonable cause to believe that that person would deal in those securities.