THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82
The Corporations Law is as follows:...

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.7 - OFFENCES

Division 1 - Insider dealing

SECTION 1253 PERSONS PRECLUDED FROM DEALING

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1253(1) [Inside information]

For the purposes of this Part, a person is precluded on a particular day from dealing in a futures contract concerning a body corporate if, by virtue of being, or having been at any time during the 6 months ending on that day, connected with the body, the person has inside information in relation to that futures contract.

1253(2) [Person connected with another body corporate]

For the purposes of this Part, a person is also precluded on a particular day from dealing in a futures contract concerning a body corporate if, by virtue of being, or having been at any time during the 6 months ending on that day, connected with another body corporate, the person has information that:

(a) is inside information in relation to that futures contract; and

(b) relates to any transaction (actual or expected) involving both those bodies, or involving one of them and securities of the other.

1253(3) [Information received from another person]

For the purposes of this Part, a person is also precluded from dealing in a futures contract if the person:

(a) has inside information in relation to the futures contract;

(b) obtained the information, directly or indirectly, from another person;

(c) is aware, or ought reasonably to be aware, of facts or circumstances by virtue of which that other person is precluded by subsection (1) or (2) from dealing in the futures contract; and

(d) when the information was so obtained:

(i) was an associate of the other person; or

(ii) had with the other person an arrangement for the communication of information of a kind referred to in subsection (1) or (2) with a view to a dealing, by the first-mentioned person, by the other person, or by both of them together, in that futures contract or a futures contract of the same kind as that futures contract.

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