Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 179

179.(1) For the purposes of this Part, a person (the "insider") contravenes
the insider trading rules if:

   (a)  the insider possesses information that is not generally available; and

   (b)  if the information were generally available, a reasonable person would
        expect it to have a material effect on the price or value of
        superannuation interests; and

   (c)  the insider knows, or ought reasonably to know, that:

        (i)    the information is not generally available; and

        (ii)   if it were generally available, it might have a material effect
               on the price or value of those interests; and

   (d)  the insider, whether as principal or agent:

        (i)    applies for, or enters into an agreement to apply for, the
               issue of any such interests; or

        (ii)   procures another person to apply for, or to enter into an
               agreement to apply for, the issue of any such interests.

(2) The remaining provisions of this Division provide for special cases in
which a person is taken not to have contravened the insider trading rules.

(3) The consequences of contravening the insider trader rules are set out in
Division 4 (which deals with criminal liability), Divisions 5 and 6 (which
deal with civil liability) and Division 7 (which deals with orders by the
Court).