1. Member States shall take the necessary measures to ensure that insider dealing, recommending or inducing another person to engage in insider dealing as referred to in paragraphs 2 to 8, constitute criminal offences at least in serious cases and when committed intentionally.
2. For the purposes of this Directive, insider dealing arises where a person possesses inside information and uses that information by acquiring or disposing of, for its own account or for the account of a third party, directly or indirectly, financial instruments to which that information relates.
3. This Article applies to any person who possesses inside information as a result of:
(a) being a member of the administrative, management or supervisory bodies of the issuer or emission allowance market participant;
(b) having a holding in the capital of the issuer or emission allowance market participant;
(c) having access to the information through the exercise of an employment, profession or duties; or
(d) being i
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