(1) Subject to paragraphs (4) and (5) and Regulations 8(2) and (4) and 9(1), a person to whom this paragraph applies who possesses inside information shall not use that information by acquiring or disposing of, or by trying to acquire or dispose of, for the person's own account or for the account of a third party, directly or indirectly, financial instruments to which that information relates.
(2) A person to whom paragraph (1) applies shall not -
(a) disclose inside information to any other person unless such disclosure is made in the normal course of the exercise of the first-mentioned person's employment, profession or duties, or
(b) recommend or induce another person, on the basis of inside information, to acquire or dispose of financial instruments to which that information relates.
(3) Paragraph (1) shall apply to -
(a) any person who possesses the inside information concerned -
(i) by virtue of the person's membership of the administrative management or supervisory bodies o