The Law of Insider Trading in Australia

Front Cover
Federation Press, 2005 - Law - 218 pages
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This book provides a detailed and practical analysis of Australian Insider Trading Laws. Written jointly by Gregory Lyon of the Melbourne Bar and Professor du Plessis of Deakin University, the work: Examines all fundamental concepts relating to insider trading such as 'who is an insider', 'what is inside information' and 'when is information generally available', together with commentaries on proposed changes to the laws and an examination of the impact of the most recent decisions, including Hannes, and Rivkin; Provides a very detailed examination of the defences and exceptions, with particular attention to the operation of Chinese Walls; Analyses fully and systematically the provisions on insider trading in the Corporations Act and the Criminal Code (Cth) within the context of decided cases and relevant secondary materials; Covers comprehensively the penalties and remedies for contravention of the insider trading regime. This includes the intricate civil compensation provisions, and an up-to-date analysis of the civil penalties regime in light of ASIC v Petsas; Discusses the operation and effectiveness of continuous disclosure as a means of preventing insider trading.
 

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Contents

Introduction
1
Market Fairness Equal Access and Market Efficiency
8
The Operation of the Current Legislative Provisions
11
Who is an Insider?
14
Possession of Inside Information
22
When is Information Generally Available?
29
Securities and Financial Products
54
The Efficacy of the Operation of the Current Provisions
65
The Practical Operation of the Criminal Sanctions Hannes
114
Civil Penalties
140
Conclusion
157
Enforcement and the Interrelationship between
159
The Interrelationship Between Continuous Disclosure
168
Disclosing Entities and Entities Exempted from
177
Enforcement of the Continuous Disclosure Requirements
189
Conclusion
197

The Exceptions and Defences to the Prohibition
70
The Exceptions under the Corporations Regulations
95
Reform of Defences
102
Penalties and Remedies
107
Key
204
Index
213
Copyright

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