Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 2   ALRC Financial Services Interim Report: single glossary of defined terms

Part 1   Amendments

Division 9   Terms relating to financial services and markets

Corporations Act 2001

546   Section 1042A

Repeal the section, substitute:

1042A Meaning of some terms relating to the insider trading prohibitions

(1) In this Act:

Division 3 financial products means:

(a) securities; or

(b) derivatives; or

(c) interests in a managed investment scheme; or

(d) debentures, stocks or bonds issued or proposed to be issued by a government; or

(e) superannuation products, other than those prescribed by regulations made for the purposes of this paragraph; or

(f) any other financial products that are able to be traded on a financial market.

inside information means information in relation to which the following paragraphs are satisfied:

(a) the information is not generally available;

(b) if the information were generally available - a reasonable person would expect it to have a material effect on the price or value of particular Division 3 financial products.

relevant Division 3 financial products , in relation to particular inside information, means the Division 3 financial products referred to in paragraph (b) of the definition of inside information in this subsection.

(2) In this Division:

information includes:

(a) matters of supposition and other matters that are insufficiently definite to warrant being made known to the public; and

(b) matters relating to the intentions, or likely intentions, of a person.