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

U of Melbourne Legal Studies Research Paper No. 765

25 Pages Posted: 6 Dec 2017 Last revised: 11 Mar 2018

See all articles by Lev Bromberg

Lev Bromberg

The University of Melbourne

George Gilligan

University of Melbourne - Centre for Corporate Law

Ian Ramsay

Melbourne Law School - University of Melbourne

Date Written: December 1, 2017

Abstract

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.

Suggested Citation

Bromberg, Lev and Gilligan, George and Ramsay, Ian, Similar Insider Trading Laws, Different Enforcement Reality: An Evaluation of Australian and Singaporean Enforcement Approaches (December 1, 2017). Australian Journal of Corporate Law, Vol. 32, No. 3, pp. 283-313, 2017; U of Melbourne Legal Studies Research Paper No. 765. Available at SSRN: https://ssrn.com/abstract=3080762

Lev Bromberg

The University of Melbourne ( email )

185 Pelham Street
Carlton, Victoria 3053
Australia

George Gilligan

University of Melbourne - Centre for Corporate Law ( email )

185 Pelham Street, Carlton, Building 106
Victoria 3010
Australia
+61 3 8344 1079 (Phone)

HOME PAGE: http://www.law-cclsr@unimelb.edu.au

Ian Ramsay (Contact Author)

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

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