Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1253

1253. (1) 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.

(2) 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.

(3) 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.