Abstract
This chapter commences with a discussion of the rationale for prohibiting insider trading in Australia-the maintenance and protection of “market integrity”-and the nature of the elements of the insider trading offense are then considered in turn: a person possesses information; the information is not generally available; the information is material; the person knows or ought reasonably to know that the information is not generally available and material; and the person trades, procures trading in relevant financial products, or tips the information. The primary defenses to insider trading, including the Chinese Wall defense, are addressed, as are the requirements under Australian law for there to be an “information connection”, and the consequences and penalties for engaging in insider trading. The chapter concludes with a review of recent reforms to Australian insider trading laws.
| Original language | English |
|---|---|
| Title of host publication | Research Handbook on Insider Trading |
| Editors | Stephen M. Bainbridge |
| Place of Publication | U.K. |
| Publisher | Edward Elgar Publishing |
| Chapter | 20 |
| Pages | 405-421 |
| Number of pages | 17 |
| Edition | 2nd |
| ISBN (Electronic) | 9781035301218 |
| ISBN (Print) | 9781035301201 |
| DOIs | |
| Publication status | Published - 2025 |
Keywords
- Insider dealing
- Insider trading
- Insider trading enforcement
- Insider trading laws
- Insider trading regulation