Section 241
(1J
of Securities Markets Order, 2013
For the purposes of this Order, market abuse is behaviour (whether by one person alone or by 2 or more persons jointly or in concert) -
{a)
which occurs in relation to qualifying securities traded on a market to which this section applies;
·
{b)
which satisfies any one or more of the conditions set out in subsection (2); and
{c)
which is likely to be regarded by a regular user of that market who is aware of the behaviour as a failure on the part of the person or persons concerned to observe the standard of behaviour reasonably expected of a person in his or their position in relation to the market.
(2)
The conditions are that -
{a)
the behaviour is based on information which is not generally available to those using the market but which, if available to a regular user of the market, would or would be likely to be regarded by him as relevant when deciding the terms on which transactions in investments of the kind in question should be effected;
{b)
the behaviour is likely to give a regular user of the market a false or misleading impression as to the supply of, or demand for, or as to the price or value of, investments of the kind in question; and
{c)
a regular user of the market would, or would be likely to, regard the behaviour as behaviour which would, or would be likely to, distort the market in investments of the kind in question.
(3)
The Authority may by order prescribe (whether by name or by description) -
{a) the markets to which this section applies; and
{b) the securities which are qualifying securities in relation to those markets.
(4)
The order may prescribe different securities or descriptions of securities in relation to different markets or descriptions of market.
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(5)
The behaviour referred to in subsection (1) is to be disregarded unless it occurs
{a}
in Brunei Darussalam; or
{b}
in relation to qualifying securities traded on a market to which this section applies, which is situated in Brunei Darussalam or which is accessible electronically in Brunei Darussalam.
(6)
For the purposes of this section, the behaviour which is to be regarded as occurring in relation to qualifying securities includes behaviour which-
{a}
occurs in relation to anything which is the subject matter, or whose price or value is expressed by reference to the price or value, of those qualifying securities; or
{b)
occurs in relation to securities (whether qualifying or not) whose subject matter is those qualifying securities.
(7)
Information that 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 section as being generally available to them.
(8)
The behaviour does not amount to market abuse if it conforms with a rule which includes a provision to the effect that behaviour conforming with the rule does not amount to market abuse.
(9)
Any reference in this Order to a person engaged in market abuse is a reference to a person engaged in market abuse whether alone or with one or more other persons.
(10)
In this section-
"behaviour" includes action or inaction;
"regular user", in relation to a particular market, means a reasonable person who regularly deals on that market in investments of the kind in question.
(11)
Any person who-
{a) is or has engaged in market abuse, or of market abuse; or
{b) by taking or refraining from taking any action, has required or encouraged another person or persons to engage in behaviour which, if engaged in by that person would amount to market abuse,
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is guilty of an offence and liable on conviction to a fine not exceeding
$10,000,000, imprisonment for a term not exceeding 10 years or both.
Application of insider dealing.