The Insider Trading Generally Available and Materiality Carve-Outs: Are They Achieving Their Aims?
(2009) 27 Company and Securities Law Journal 234-254
18 Pages Posted: 18 Jan 2014
Date Written: 2009
The article outlines and critiques Australian insider trading case law dealing with the generally available and materiality carve-outs. It explores the potential links from these elements to the economic efficiency and market fairness goals. Ultimately, it suggests that Australian policy-makers, regulators and the judiciary may need to take a step back to reconsider the intended rationales and operations of the insider trading regime. Community and market participant views on enforcement of market abuse in Australia are already very negative. Moreover, it is difficult to reconcile some of the case law with the achievement of economic efficiency and equal access in the marketplace.
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