Which of the following is NOT included in the definition of insider dealing?

• A. Units/shares in OEICs and Unit trusts
• B. Shares
• C. Warrants
• D. Options

Answer: (A)

Insider dealing targets using inside information to trade in marketable securities. Shares are the primary example, and instruments that derive value from them and are traded on markets—such as warrants and options—are included because they are actively tradable and express or transfer the value of the underlying shares. Units or shares in OEICs and Unit Trusts, however, are not traded on markets in the same way. They represent interests in a fund and are bought or redeemed at the fund’s net asset value rather than through a market order on an exchange, so they don’t fall under the same insider dealing scope. That’s why the option describing units/shares in OEICs and Unit trusts is the one that is not included.