45. Definitions for this Part
(1) In this Part, in relation to Investments, or related investments, "inside information" means:
(a) information of a precise nature which:
(i) is not generally available;
(ii) relates, directly or indirectly, to one or more Reporting Entities of the Investments concerned or to one or more of the Investments; and
(iii) would, if generally available, be likely to have a significant effect on the price of the Investments or on the price of related investments.
(2) In (1)(a) information is precise if it:
(a) indicates circumstances that exist or may reasonably be expected to come into existence or an event that has occurred or may reasonably be expected to occur; and
(b) is specific enough to enable a conclusion to be drawn as to the possible effect of those circumstances or that event on the price of Investments or related investments.
(3) In (1)(a)(iii) information would be likely to have a significant effect on price if and only if it is information of the kind which a reasonable investor would be likely to use as part of the basis of his investment decisions.
(4) In (1)(a) information about a person's pending orders in relation to an Investment or related investment is also inside information.
(5) In (1)(a)(i) information which can be obtained by research or analysis conducted by, or on behalf of, users of a market is to be regarded, for the purposes of this Part, as being generally available to them.
(6) In this Part "insider" means a person who has inside information:
(a) as a result of his membership of the administrative, management or supervisory bodies of a relevant Reporting Entity;
(b) as a result of his holding in the capital of the relevant Reporting Entity;
(c) as a result of having access to the information through the exercise of his employment, profession or duties;
(d) as a result of his criminal activities; or
(e) which he has obtained by other means and which he knows, or could reasonably be expected to know, is inside information.
(7) In this Part, in relation to an Investment (the "First Investment"), a "related investment" means another Investment whose price or value depends, in whole or in part, on the price or value of the First Investment.