The Australian Institute of Company Directors (AICD) supports the broad intent of the Federal Government to improve the capacity of the corporate regulator to deal with insider trading and other forms of market misconduct and to provide greater deterrence against such breaches.

Clearly, these offences are both illegal and completely unacceptable, undermining the proper functioning of our financial markets.

However, AICD will be examining closely the detail of the proposed changes announced today by the Minister for Corporate Law, Chris Bowen, including significantly increased penalties for these offences.

In particular, AICD is concerned to ensure that the proposed wider powers of ASIC to investigate market related offences, including the use of telephone intercepts and increased search warrant powers, are appropriately framed and prescribed.

In this regard, AICD welcomes the Government’s intention to allow proper consultation on the proposed changes through the release later this year of an exposure draft of the legislative amendments.

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Media Contacts:
Steve Burrell, General Manager Communications and Public Affairs,
(02) 8248 6627 or 0407 708 485
Juliet Chandler, Communications Advisor, (02) 8248 6624 or 0412 580 402

Australian Institute of Company Directors (AICD) provides education, information and advocacy for company directors Australia wide, with offices in each state to cater for 25,000 members. AICD members work in diverse corporations such as small-to-medium enterprises, the ASX Top 200 corporations, public sector organisations, not-for-profit companies, large private companies and smaller private family concerns