ABSTRACT
The continuous disclosure regime operates to reduce opportunities for insider trading, by compelling corporations to disclose information that may materially influence the price or value of its securities, thus making that information ‘generally available’. While corporations are clearly caught by the prohibition of insider trading, there are a variety of additional business obligations which supplement the operation of insider trading laws. There is an interrelationship between the continuous disclosure regime and the prohibition of insider trading, and many of the relevant provisions are extremely similar. In addition to complying with the prohibition of insider trading, which may necessitate the maintenance of an appropriate ‘Chinese Wall’, it can be seen that many corporations have a variety of complementary business obligations which must be met. Public listed corporations are required to adopt securities trading policies which regulate trading in the corporation’s securities by key management personnel, pursuant to ASX Listing Rule 12.9.
