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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 1253

Persons precluded from dealing

(1) For the purposes of this Part, a person is precluded on a particular day from dealing in a futures contract concerning a body corporate if, by virtue of being, or having been at any time during the 6 months ending on that day, connected with the body, the person has inside information in relation to that futures contract. (2) For the purposes of this Part, a person is also precluded on a particular day from dealing in a futures contract concerning a body corporate if, by virtue of being, or having been at any time during the 6 months ending on that day, connected with another body corporate, the person has information that:

(a)
is inside information in relation to that futures contract; and

(b)
relates to any transaction (actual or expected) involving both those bodies, or involving one of them and securities of the other.

(3) For the purposes of this Part, a person is also precluded from dealing in a futures contract if the person:

(a)
has inside information in relation to the futures contract; and

(b)
obtained the information, directly or indirectly, from another person; and

(c)
is aware, or ought reasonably to be aware, of facts or circumstances by virtue of which that other person is precluded by subsection (1) or (2) from dealing in the futures contract; and

(d)
when the information was so obtained:

(i)
was an associate of the other person; or
(ii)
had with the other person an arrangement for the communication of information of a kind referred to in subsection (1) or (2) with a view to a dealing, by the first-mentioned person, by the other person, or by both of them together, in that futures contract or a futures contract of the same kind as that futures contract.


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