The Parliamentary Secretary to the Treasurer, Chris Pearce, today released for public comment the Insider Trading Position and Consultation Paper.
Australia's current laws provide some of the world's strongest safeguards to protect investors against the risk of inside trading, and this process will further strengthen investor protection.
“Both fairness and efficiency require clear and effective laws against insider trading. In this paper, the Government proposes changes that will clarify and improve the law,” said Mr Pearce.
The paper sets out the Government's position on many of the recommendations set out in the Insider Trading Report released by the Corporations and Markets Advisory Committee (CAMAC).
The Government proposes to accept most of the recommendations of CAMAC, but is seeking the views of the public to ensure that the right decisions are made on particular questions.
In particular, comments are sought on the recommendations CAMAC made with regard to focussing the prohibition on insider trading.
“The way the law applies in relation to certain areas, such as over the counter transactions, has significant implications for some groups. This paper gives them the chance to have their say.
“The current paper draws heavily on CAMAC's work. It builds on CAMAC's contribution and will ultimately help to transform CAMAC's work into improvements to the law,” Mr Pearce said.
The Insider Trading Position and Consultation Paper is now available on the Treasury website.
Comments on the paper can be sent to insidertradingpaper@treasury.gov.au. Submissions should be received no later than 2 June 2007.
2 March 2007
CANBERRA
Contact:
Conor O'Brien - 02 6277 2088 or 0402 970 515