International Law

Senate Committee Report: Corporations Amendment (No. 1) Bill 2010

By David Jacobson

The Senate Economics Committee has recommended that the Corporations Amendment (No. 1) Bill 2010 be passed with 1 recommendation.

The Bill principally deals with:

• Access to information in share registers;
• Higher penalties and improved detection powers for insider trading and market misconduct offences.

The committee recommends that if ASIC does acquire new search warrant and telecommunications interception powers to investigate insider trading and market misconduct offences, it is required to state in its Annual Report:

• the number of times it has used each of these powers;
• the number of times that ASIC referred an insider trading or market misconduct matter to the AFP for investigation for the possible use of the phone interception power; and
• the nature of the use of these powers in each circumstance.

Full post as published by Australian Regulatory Compliance Review on November 16, 2010 (boomark / email).