What is considered a special insider dealing defence under the required procedure?

In the context of insider dealing regulations, certain defenses or exemptions apply to specific activities that might otherwise be prohibited under insider trading laws.

Market makers operating in the normal course of business can be considered to have a defense against insider dealing because their activities, conducted transparently and as part of market functioning, do not necessarily constitute insider trading. They provide liquidity and facilitate trading, which might involve accessing non-public information as part of their professional duties.

Price stabilization during IPOs is another recognized defense. This practice might involve parties undertaking to stabilize the market price of newly issued securities to prevent excessive volatility. As long as these actions comply with regulatory provisions and are disclosed, they can mitigate the risk of allegations of insider dealing.

Information flow between parties can also be a defense, as various professionals, like analysts or brokers, often need to communicate and share information regarding securities as long as they do so within the parameters established by the relevant regulations and do not misuse that information unfairly.

Since all these scenarios can justify certain behaviors in the context of insider trading regulations, it follows that they collectively serve as special defenses under the required procedure, making the option that includes all of them the correct answer.