The Model Code for Securities Transactions by Directors of Listed Issuers (the Model Code) sets a required standard against which directors must measure their conduct regarding transactions in securities of their listed issuers. When directors are aware of or privy to any negotiations or agreements related to intended acquisitions or disposals which are notifiable transactions or connected transactions under the Listing Rules or in possession of any inside information, they must refrain from dealing in the issuer's securities as soon as they become aware of them or privy to them until the information has been announced. They should also caution those directors who are not so privy that there may be inside information and that those directors must not deal in the issuer's securities for a similar period.