The UK legislation doesn't use the term: privileged. It essentially says insider information is information that, if it were public, would materially move the v

The UK legislation doesn't use the term: privileged. It essentially says insider information is information that, if it were public, would materially move the value of a financial instrument. But it's only really applied against someone who uses proprietary information that they gained by dint of their position or contact with someone in a privileged position. As with all laws like this, it's worded pretty vaguely so that the Court can use discretion.