Explanatory note
This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on the day after the date of their notification in the Gazette, provide that certain conduct by traders in futures contracts, and their advisers, is not insider conduct for the purposes of the Securities Markets Act 1988. The regulations relate to a trader's knowledge of the trader's own past, current, or proposed business activities, transactions, and agreements that relate to futures contracts, the underlying commodities or assets, and the underlying variables or indices.
The regulations are intended to clarify that traders in futures contracts have protection that is similar to that provided to traders of securities and their advisers by section 9C(1) and (2) of the Securities Markets Act 1988.