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Its information that's not generally available, which is likely to have an effect on the value of a financial product.
Financial products included under insider trading law include all securities that can be traded on the stock exchange.
It is an offence under the Corporations Act to trade using inside information, or communicate inside information to others who will, or are likely to, trade on the inside information.
The prosecution must prove:
Financial products are broadly defined under Division 3 of the Corporations Act and importantly contain all securities able to be traded on a financial market.
The prosecution does not require proof that you knew the information was not available and may have a material effect, it merely requires that a reasonable person would have that belief.
There are a number of statutory exceptions to this law (Section 1043B-J of the Corporations Act) which relate to specific types of financial products. These include exceptions for insurance underwriters and the revealing of information under legal obligation.
There is also an exception where the communication of the information is done by a publisher in their usual course of business, with no intent to contravene this law. (Section 1044A of the Act)
The maximum penalty for this offence is ten years' imprisonment and/or a $450,000 fine.
This matter is indictable and will be dealt with in the District Court.
Definition: indictable matter
An offence which may be tried before a jury. These offences are dealt with in the District Court.
If you suspect that you may be under investigation, or if you have been charged with an offence, it is vital to get competent legal advice as early as possible. Our lawyers are highly specialised in corporate crime and will be able to guide you through the process while dealing with the various authorities related to your matter.