(1) This regulation applies to a person -

(a) who possesses inside information [As defined in Article 2(1) of REMIT.] in relation to a relevant wholesale energy product;

(b) who knows, or ought to know, that the information is inside information; and

(c) who is a person to whom the prohibition in Article 3(1) of REMIT applies.

(2) A person to whom this regulation applies commits an offence if -

(a) the person intentionally or recklessly uses the inside information to acquire or dispose of, for their own account or for the account of a third party, either directly or indirectly, relevant wholesale energy products to which the information relates, as prohibited by Article 3(1)(a) of REMIT;

(b) the person intentionally or recklessly discloses the inside information to another person other than in the normal course of the exercise of the person’s employment, profession or duties, as prohibited by Article 3(1)(b) of REMIT;