who in each case is operating on the public side of an information barrier law

[Transl]

Прошу прощения за объемный контекст, но иначе не понять:

"Front Running" means undertaking any of the following activities prior to the close of primary syndication which is intended to or is reasonably likely to encourage any person to take a Facility Interest except as a lender of record in primary syndication:
(a) communication with any person or the disclosure of any information to any person in relation to a Facility Interest;
(b) making a price (whether firm or indicative) with a view to buying or selling a Facility Interest; or
(c) entering into (or agreeing to enter into) any agreement, option or other arrangement, whether legally binding or not, giving rise to the assumption of any risk or participation in any exposure in relation to a Facility Interest, excluding where any of the foregoing is:
(i) made to or entered into by you with another member of the Participant Group (in the case of the undertaking made by you in this letter) or by us with another member of the Arranger Group (in the case of the undertaking made by us in this letter); or
(ii) an act of a member of the Participant Group (in the case of the undertaking made by you in this letter) or the Arranger Group (in the case of the undertaking made by us in this letter) who in each case is operating on the public side of an information barrier unless such person is acting on the instructions of a person who has received Confidential Information and is aware of the proposed Facility.

[Sjoe!]

Кредитник?

who относится к a member of the (Participant Group... or Arranger Group)

in EAСH case относится как к (in the case of the undertaking made by you in this letter), так и (in the case of the undertaking made by us in this letter)

information barrier - это вот о чем. Разглашения участниками группы кредитора конф. инфы.в запрещается тех случаях, когда они действуют в качестве таковых по ЭТОМУ договору/соглашению, но не запрещается, когда они действуют в иных качествах (т.е. как посторонние). У них двойственное положение. Они одновременно находятся на "приватной" стороне сделки (и не могут разглашать) и на "публичной" стороне, где этот запрет на них не распространяется.

unless such person is acting on the instructions - обычная оговорка.

Сформулируйте, посмотрим.
"Ты напиши, а я посмотрю" (с)

[Alex16]

Это invitation letter об участии в синдицированном кредите.

Довольно все запутано. Я сначала так и хотпел написать - "на публичной стороне информационн. барьера"

Тут мне предложили вариант - который, в каждом случае, действует на основе общедоступной информации, но я не могу судить, правильно это или нет.