خرید و دانلود نسخه کامل کتاب Corporate Liability for Insider Trading – Original PDF

The regulation of insider trading is a controversial and complex area of corporate law. In essence, insider trading is the act of trading in financial products (such as shares or other securities) while in possession of relevant non-public, price- sensitive information. Insider trading is generally acknowledged, if not universally accepted, as a significant threat to market integrity, which is widely regarded as an essential requirement for the proper, efficient functioning of securities markets.1 Indeed, the accepted rationale for prohibiting insider trading in Australia is to protect and maintain market integrity.2 However, regulators are regularly criticised for a per- ceived lack of enforcement action in relation to insider trading. Indeed, although there has been a marked increase in the number of individual offenders convicted of insider trading in recent years, there has never been a successful criminal prose- cution of a corporation for insider trading in Australia, and just one successful set of civil penalty proceedings, in which liability for insider trading was admitted.3 While commonly referred to as ‘insider’ trading, the prohibition under Aus- tralian law is not limited to those who might generally be classified as corporate insiders – such as directors, senior executives or other officers – and it is not limited to direct trading by the relevant person, but also encompasses the related conduct of the procuring of trading, and tipping. The term ‘insider trading’ is used in this context throughout this book. Additionally, the inclusive term ‘cor- poration’ is used, rather than ‘company’ or ‘body corporate’.4