Similar Insider Trading Laws, Different Enforcement Reality: An Evaluation of Australian and Singaporean Enforcement Approaches
Australian Journal of Corporate Law, Vol. 32, No. 3, pp. 283-313, 2017
25 Pages Posted: 6 Dec 2017 Last revised: 11 Mar 2018
Date Written: December 1, 2017
Singapore’s insider trading laws were originally adopted from Australian legislation. However, as the authors illustrate in this article, the enforcement of these laws has taken very different forms in recent years. The authors' empirical study identifies that the vast majority of insider trading sanctions imposed in Australia were criminal, while in Singapore the dominant sanctions were civil pecuniary penalties. Based on the empirical findings and interviews conducted with senior staff employed by the respective financial regulators, the authors outline a number of practical and policy objectives to explain the respective enforcement approaches, and discuss the implications for general deterrence.
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