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Insider trading

Inside information must never be used for insider trading.

Inside information is confidential information not generally known to the public. If you have access to it and use it or disclose it to someone else in order to gain unfair benefit in the market place - for example, to buy or sell stocks or shares or influence their price before others know what you know - it's called "insider trading." This is absolutely forbidden.

Serco Group plc is listed on the London Stock Exchange and regulated by the United Kingdom Financial Conduct Authority (FCA). We must strictly follow their regulations.

How do I know if I'm an Employee Insider? - If you regularly or periodically possess inside information or have it because of a project you are working on, then you are an Employee Insider. The Company Secretary will tell you this in writing. Employee Insiders cannot deal in company shares without written approval.

A colleague with inside information accidentally tells you something you shouldn't know. Pretend it never happened?

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We expect you to:‚Äč

  • We forbid the use of inside information for insider trading. It is unethical. It can do serious damage to our reputation. And it's a crime. We will prosecute anyone found to be doing it.
  • Examples of inside information include knowing about our full-year or half-year financial result, a major new contract, or an acquisition or business disposal, before they become public knowledge.
  • We are required to keep a list of Employee Insiders and may have to disclose it to the regulatory authorities.

We expect you to:

  • Never act on or disclose inside information or encourage another person to deal in any company's shares on the basis of it, even if they do not directly profit.
  • Abide by the FCA's Disclosure Rules when dealing in Serco's stocks and shares. This includes specific restrictions if you have inside information.
  • Get written approval before trading in Company shares if you are an Employee Insider.

A colleague with inside information has just accidentally told me something I shouldn’t know. Should I forget it and pretend it never happened?

It was just a mistake. So there’s nothing else we need to do

Wrong. Please try again.

No, we’d have to own up on this one

Right answer because:

Inside information is confidential information not generally known to the public. If you have access to it and use it or disclose it to someone else in order to gain unfair benefit in the market place – for example, to buy or sell stocks or shares or influence their price before others know what you know – it’s called “insider trading.”

We forbid the use of inside information for insider trading. It is unethical. It can do serious damage to our reputation. And it’s a crime. We will prosecute anyone found to be doing it.

We are required to keep a list of Employee Insiders and may have to disclose it to the regulatory authorities.

In this case you have accidentally become an Employee Insider. It wasn’t your fault, or your colleague’s, but you must report this at once so we know what you now know, and that your colleague has disclosed it inadvertently.

This protects both of you and the company from any false accusations.

Not sure what to do?

Ask.

Yes. No else knows, and no harm’s been done

Wrong. Please try again.

There’s talk in the office of a major new win for Serco although nothing has officially been announced.  It’s still just a rumour so is it okay to buy a few shares?

Yes. It’s not official information

Wrong. Please try again.

No, I know about this because I’m a Serco employee

Right answer because:

Inside information is confidential information not generally known to the public. If you have access to it and use it or disclose it to someone else in order to gain unfair benefit in the market place – for example, to buy or sell stocks or shares or influence their price before others know what you know – it’s called “insider trading.”

We forbid the use of inside information for insider trading. It is unethical. It can do serious damage to our reputation. And it’s a crime. We will prosecute anyone found to be doing it.

Our Code tells us:

“Examples of inside information include knowing about our full-year or half-year financial results, a major new contract, or an acquisition or business disposal, before they become public knowledge.”

This makes it quite clear that even though it’s just a rumour, you cannot use the information you have about this major new win to buy shares.

If you do, and it was discovered, it is highly likely that you would be prosecuted, Serco might be penalised, and the incident could damage our reputation.

Even when it’s still speculation, you cannot use what you know as a result of being a Serco employee to try to gain an unfair benefit in the market place.

Inside information must never be used for insider trading.

Yes. It’s just the same as taking a risk on something you heard in a bar

Wrong. Please try again.

At a meeting my customer implied that his company will soon be announcing some good news. So I have bought some shares in his company. Is there anything wrong with that?

It’s not “information”, so I could lose as well as gain. It’s fine

Wrong. Please try again.

He hasn’t actually told me anything concrete. So it’s okay

Wrong. Please try again.

I can’t try to benefit from something I shouldn’t have been told

Right answer because:

Inside information is confidential information not generally known to the public. If you have access to it and use it or disclose it to someone else in order to gain unfair benefit in the market place – for example, to buy or sell stocks or shares or influence their price before others know what you know – it’s called “insider trading.”

In this case, while the information your customer has implied may not be information about Serco, it is “inside” information you have been given as a result of being a Serco employee. And he has disclosed confidential information about his company when this is forbidden.

So if you buy shares you are trying to gain unfair benefit in the market place, and are acting illegally.

You could be prosecuted. So could he. And there are some potentially very damaging repercussions that include damaging the relationship Serco has with this customer, damage to our share-price, and damage to our reputation.

Inside information must never be used for insider trading.

I’m visiting a relative for the weekend who owns a lot of company shares. They keep asking how the company is doing and if there is any news on a big contract win. Is it alright to talk about what I know?

No, I can’t tell him anything that he could benefit from

Right answer because:

Inside information is confidential information not generally known to the public. If you have access to it and use it or disclose it to someone else in order to gain unfair benefit in the market place – for example, to buy or sell stocks or shares or influence their price before others know what you know – it’s called “insider trading.”

If you were to tell your relative about information you know because you work for Serco, but wouldn’t know as a member of the public, you would be illegally disclosing inside information.

And it does sound as if your relative is fishing for information in order to gain unfair benefit in the market place. So you would both be acting illegally, and could both be prosecuted.

Our Code makes it clear that you must not tell your relative what you know:

“Never act on or disclose inside information or encourage another person to deal in any company’s shares on the basis of it, even if they do not directly profit.”

So long as it’s not about the contract, I can say anything

Wrong. Please try again.

If he wasn’t a shareholder it would be alright

Wrong. Please try again.

Dilemma 1

A colleague with inside information has just accidentally told me something I shouldn’t know. Should I forget it and pretend it never happened?

It was just a mistake. So there’s nothing else we need to do

Wrong. Please try again.

No, we’d have to own up on this one

Right answer because:

Inside information is confidential information not generally known to the public. If you have access to it and use it or disclose it to someone else in order to gain unfair benefit in the market place – for example, to buy or sell stocks or shares or influence their price before others know what you know – it’s called “insider trading.”

We forbid the use of inside information for insider trading. It is unethical. It can do serious damage to our reputation. And it’s a crime. We will prosecute anyone found to be doing it.

We are required to keep a list of Employee Insiders and may have to disclose it to the regulatory authorities.

In this case you have accidentally become an Employee Insider. It wasn’t your fault, or your colleague’s, but you must report this at once so we know what you now know, and that your colleague has disclosed it inadvertently.

This protects both of you and the company from any false accusations.

Not sure what to do?

Ask.

Yes. No else knows, and no harm’s been done

Wrong. Please try again.

Dilemma 2

There’s talk in the office of a major new win for Serco although nothing has officially been announced.  It’s still just a rumour so is it okay to buy a few shares?

Yes. It’s not official information

Wrong. Please try again.

No, I know about this because I’m a Serco employee

Right answer because:

Inside information is confidential information not generally known to the public. If you have access to it and use it or disclose it to someone else in order to gain unfair benefit in the market place – for example, to buy or sell stocks or shares or influence their price before others know what you know – it’s called “insider trading.”

We forbid the use of inside information for insider trading. It is unethical. It can do serious damage to our reputation. And it’s a crime. We will prosecute anyone found to be doing it.

Our Code tells us:

“Examples of inside information include knowing about our full-year or half-year financial results, a major new contract, or an acquisition or business disposal, before they become public knowledge.”

This makes it quite clear that even though it’s just a rumour, you cannot use the information you have about this major new win to buy shares.

If you do, and it was discovered, it is highly likely that you would be prosecuted, Serco might be penalised, and the incident could damage our reputation.

Even when it’s still speculation, you cannot use what you know as a result of being a Serco employee to try to gain an unfair benefit in the market place.

Inside information must never be used for insider trading.

Yes. It’s just the same as taking a risk on something you heard in a bar

Wrong. Please try again.

Dilemma 3

At a meeting my customer implied that his company will soon be announcing some good news. So I have bought some shares in his company. Is there anything wrong with that?

It’s not “information”, so I could lose as well as gain. It’s fine

Wrong. Please try again.

He hasn’t actually told me anything concrete. So it’s okay

Wrong. Please try again.

I can’t try to benefit from something I shouldn’t have been told

Right answer because:

Inside information is confidential information not generally known to the public. If you have access to it and use it or disclose it to someone else in order to gain unfair benefit in the market place – for example, to buy or sell stocks or shares or influence their price before others know what you know – it’s called “insider trading.”

In this case, while the information your customer has implied may not be information about Serco, it is “inside” information you have been given as a result of being a Serco employee. And he has disclosed confidential information about his company when this is forbidden.

So if you buy shares you are trying to gain unfair benefit in the market place, and are acting illegally.

You could be prosecuted. So could he. And there are some potentially very damaging repercussions that include damaging the relationship Serco has with this customer, damage to our share-price, and damage to our reputation.

Inside information must never be used for insider trading.

Dilemma 4

I’m visiting a relative for the weekend who owns a lot of company shares. They keep asking how the company is doing and if there is any news on a big contract win. Is it alright to talk about what I know?

No, I can’t tell him anything that he could benefit from

Right answer because:

Inside information is confidential information not generally known to the public. If you have access to it and use it or disclose it to someone else in order to gain unfair benefit in the market place – for example, to buy or sell stocks or shares or influence their price before others know what you know – it’s called “insider trading.”

If you were to tell your relative about information you know because you work for Serco, but wouldn’t know as a member of the public, you would be illegally disclosing inside information.

And it does sound as if your relative is fishing for information in order to gain unfair benefit in the market place. So you would both be acting illegally, and could both be prosecuted.

Our Code makes it clear that you must not tell your relative what you know:

“Never act on or disclose inside information or encourage another person to deal in any company’s shares on the basis of it, even if they do not directly profit.”

So long as it’s not about the contract, I can say anything

Wrong. Please try again.

If he wasn’t a shareholder it would be alright

Wrong. Please try again.