5.7.1. Establishment of information barriers

When an Authorised Person establishes and maintains an information barrier (that is, an arrangement that requires information held by an Authorised Person in the course of carrying on one part of the business to be withheld from, or not to be used for, Persons with or for whom it acts in the course of carrying on another part of its business) it may:

• (a) withhold or not use the information held; and
• (b) for that purpose, permit Employees in the first part of its business to withhold the information held from Employees in the other part of the business, but only to the extent that the business of one of those parts involves the carrying on of Regulated Activities or Market Activities.

5.7.2. Information barriers with a group

Information may also be withheld or not used by an Authorised Person when this is required by an established arrangement maintained between different parts of the business (of any kind) in the same group.

5.7.3. Relevance of information barrier to Market Abuse

Acting in conformity with GEN 5.7.1 and 5.7.2 does not amount to Market Abuse.

5.7.4. Effect of information barrier

When an Authorised Person manages a conflict of interest using the arrangements in GEN 5.7.1 and 5.7.2 which take the form of an information barrier, individuals on the other side of the information barrier will not be regarded as being in possession of knowledge denied to them as a result of the information barrier.