Thirty years since the first conviction for insider trading : how far has Australia come?

2021 marks 30 years since the first conviction for insider trading in Australia in R v Kian Lang Teh and much has changed in this time. This article will focus on the developments in the law of insider trading over the last 30 years, as well as related changes in insider trading regulation and enforcement. In particular, the following issues will be discussed: the extension of the civil penalty regime to insider trading, the expansion of categories of the financial products to which insider trading laws apply, the widening of the types of prohibited conduct, increases in the maximum penalties, the position of corporations as insider traders, increased enforcement activity and litigation, and the impact of technology on insider trading. The article will conclude with a discussion of the potential impact on insider trading laws of the recommendations in the Australian Law Reform Commission's recent report on corporate criminal responsibility, and a consideration of possible future developments.