Article 90 Interdiction de la divulgation illicite d’informations privilégiées

This short article establishes the prohibition on unlawful disclosure of inside information in crypto-asset markets.

It directly complements Article 89, which deals with insider dealing, by addressing the separate but related act of passing inside information on to others.

The article carves out one narrow exception: disclosure is permitted where it occurs in the normal exercise of an employment, a profession, or duties.

It also closes a potential loophole by clarifying that passing on recommendations or inducements (as defined in Article 89) can itself constitute unlawful disclosure where the person doing so knows, or ought to know, that those recommendations were based on inside information.

Important points:

• No person in possession of inside information may disclose it to another person, unless the disclosure is made in the normal exercise of an employment, a profession, or duties.
• Onward disclosure of recommendations or inducements connected to Article 89 constitutes unlawful disclosure of inside information where the disclosing person knows or ought to know those recommendations were based on inside information.
• The "knows or ought to know" standard means ignorance of the inside information basis of a recommendation is not automatically a defence.