Queensland Consolidated Acts

LOCAL GOVERNMENT ACT 2009 - SECT 201F

201F Prohibited conduct by councillor or councillor advisor in possession of inside information

(1) This section applies to a person (the
"insider" ) who is, or has been, a councillor or councillor advisor if the insider—

(a) acquired inside information as a councillor or councillor advisor; and

(b) knows, or ought reasonably to know, the inside information is not generally available to the public.

(2) The insider must not cause the purchase or sale of an asset if knowledge of the inside information would be likely to influence a reasonable person in deciding whether or not to buy or sell the asset.

Penalty—

Maximum penalty—1,000 penalty units or 2 years imprisonment.

(3) The insider must not cause the inside information to be provided to another person the insider knows, or ought reasonably to know, may use the information in deciding whether or not to buy or sell an asset.

Penalty—

Maximum penalty—1,000 penalty units or 2 years imprisonment.

(4) In this section—

"cause" , in relation to an action, includes the following—

(a) carry out the action;

(b) instigate the action;

(c) direct, or otherwise influence, another person to carry out or instigate the action.

"corporate entity" means a corporation owned by the local government.

"inside information" , in relation to a local government, means information about any of the following—

(a) the operations or finances of the local government (including any business activity of the local government) or any of its corporate entities;

(b) a proposed policy of the local government, including proposed changes to an existing policy;

(c) a contract entered into, or proposed to be entered into, by the local government or any of its corporate entities;

(d) a tender process being conducted by or for the local government or any of its corporate entities;

(e) a decision, or proposed decision, of the local government or any of its committees;

(f) the exercise of a power, under a Local Government Act , by the local government, a councillor or a local government employee;

(g) the exercise of a power, under an Act, by the State, a Minister, a statutory body or an employee of the State or statutory body, that affects the local government, any of its corporate entities or land or infrastructure within the local government’s area;

(h) any legal or financial advice created for the local government, any of its committees or any of its corporate entities.