Library / PETROLEUM INDUSTRY ACT, NO. 6, 2021 MIDSTREAM AND DOWNSTREAM PETROLEUM PREVENTION OF ANTICOMPETITIVE PRACTICES AND BEHAVIOUR REGULATIONS, 2026 ARRANGEMENT OF REGULATIONS

PETROLEUM INDUSTRY ACT, NO. 6, 2021 MIDSTREAM AND DOWNSTREAM PETROLEUM PREVENTION OF ANTICOMPETITIVE PRACTICES AND BEHAVIOUR REGULATIONS, 2026 ARRANGEMENT OF REGULATIONS

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(a) 
Refusal to provide data; 
 
(b) 
Provision of false or misleading data; 
 
(c) 
Tampering with shared platforms; 
 
(d) 
Obstruction of access by other qualified users; 
shall constitute a serious violation of this Regulation and of Sections 228(2)(C) 
and 230 of the Act, and may attract: 
 
(e) 
Administrative penalties; 
 
(f) 
Revocation or suspension of relevant access rights or licence; 
 
(g) 
Mandated disclosure orders; 
 
(h) 
Referral for prosecution under applicable laws, including the 
Federal Competition and Consumer Protection Act. 
 
31. Prohibition of Insider Trading and Improper Use of Inside Information 
 
1. 
General Prohibition 
(a) 
No Licensee, Market Participant, Operator, or Affiliate shall engage, 
directly or indirectly, in the purchase, sale, exchange, or any other trading 
activity involving petroleum commodities, petroleum products, or petroleum-
derived financial instruments where such activity is based on Inside Information 
that: 
(i) Is not generally available to the public; and (ii) Would likely have a material 
impact on prices, trading decisions, or market conditions if made public. 
(b) 
The prohibition under this Regulation applies to trading activities 
conducted in: (i) Midstream and downstream petroleum trading hubs; (ii) 
Physical commodity exchanges; (iii) Bilateral or over-the-counter (OTC) 
petroleum transactions; and (iv) Any other petroleum-related physical or 
financial trading platforms regulated by the Authority. 
2. 
Definition of Inside Information 
(a) For the purposes of this Regulation, “Inside Information” means information 
of a precise nature that: (i) Relates directly or indirectly to one or more 
petroleum commodities, products, market infrastructures, or participants; (ii) Is 
not generally available to the public; and (iii) Would, if made public, be likely 
to materially affect the price or trading conditions of petroleum commodities 
or petroleum-derived financial instruments. 
(b) Inside Information includes, but is not limited to: (i) Outage or downtime, 
unscheduled shutdowns or maintenance of pipelines, refineries, storage 
terminals, or transportation networks;  (ii) Changes in regulatory policies, tariffs, 
or export/import bans; (iii) Strategic stockpile releases or acquisitions; (iv) Major 
market player defaults, insolvencies, or force majeure declarations; (v) 
Contract awards, tenders, or government allocations not yet disclosed to the 
public. 
3. Prohibition of Improper Disclosure and Tipping 
(a) No Licensee, Market Participant, Operator, or Affiliate shall disclose Inside 
Information to any other person, unless such disclosure:  (i) Is made in the 
normal course of the exercise of employment, profession, or duties; and (ii) 
Complies with applicable confidentiality, regulatory, and fair trading 
requirements.