(1) Subject to paragraph (5), a person who engages in unlawful disclosure of inside information (within the meaning of paragraph (3) or (4)) commits an offence.
(2) Subject to paragraph (5), a person who incites, aids or abets another person to engage in unlawful disclosure of inside information (within the meaning of paragraph (3) or (4)) commits an offence.
(3) A person engages in unlawful disclosure of inside information where the person possesses the information as a result of any of the circumstances referred to in Regulation 5(7) and discloses it to any other person, other than -
(a) where the disclosure is made in the normal exercise of an employment, a profession or duties, or
(b) where the disclosure qualifies as a market sounding made in compliance with Article 11(1) to (8) of the Market Abuse Regulation.
(4) A person also engages in unlawful disclosure of inside information where the person discloses a recommendation or inducement referred to in Regulation 5(5) in the knowle
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