223.
| (1) For the purposes of this Part, an individual is connected with a company if, and only if
| | (a) he is a director of that company or a related company ; or | | |
| | (b) he occupies a position as an officer (other than director) or employee of that company or a related company or a position involving a professional or business relationship between himself (or his employer or a company of which he is a director) and the first company or a related company which in either case may reasonably be expected to give him access to information which, in relation to securities, of either company, is unpublished price sensitive information, and which it would be reasonable to expect a person in his position not to disclose except for the proper performance of his function. | | |
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| (2) Any reference in this Part to unpublished price sensitive information in relation to any securities of any company is a reference to information which
| | (a) relates to specific matters relating, or of concern, (directly or indirectly) to that company that is to say, is, not of a general nature relating or of concern to that company; and | | |
| | (b) is not generally known to those persons who 'are accustomed or would be likely to deal in those securities but which would if it were generally known to them be likely to affect materially the price of those securities. | | |
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| (3) For the purposes of this Part a person deals in securities if (whether as principal or agent) he buys or sells or agrees to buy or sell any securities ; and references in this Part to dealing in securities on a recognised stock exchange shall include references to dealing in securities through an investment exchange. |
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| (4) In this Part except where the context otherwise requires- |
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Sri Lanka Consolidated Acts