Submission to Treasury on market misconduct penalties
- Date:11 Jun 2010
- Type:Policy & Advocacy: Submission
Insider trading and market manipulation offences cause serious harm to the fair and efficient functioning of Australia’s financial markets. The Australian Institute of Company Directors supports strong laws and a well resourced regulator to enforce them. The consultation time allowed to comment on the proposal is insufficient since it is a complex one with changes to three acts. We support the concept of increased penalties proposed in the Explanatory Memorandum although the level, calculation and framework of penalties are inconsistent and need greater clarity.
Susbmission to Treasury on market misconduct penalties
On 9 November 2010 this submission was also sent to the Senate Economics
Committee to assist with preparation of their report on this issue.