Meaning of personal transaction
For the purposes of Article 12 and Article 25, personal transaction means a trade in a financial instrument effected by or on behalf of a relevant person, where at least one of the following criteria are met:
(a)
that relevant person is acting outside the scope of the activities he carries out in that capacity;
(b)
the trade is carried out for the account of any of the following persons:
(i)
the relevant person;
(ii)
any person with whom he has a family relationship, or with whom he has close links;
(iii)
a person whose relationship with the relevant person is such that the relevant person has a direct or indirect material interest in the outcome of the trade, other than a fee or commission for the execution of the trade.