New Securities Law

for

Investment Advisers

and

Market Participants

New Securities Law for
Investment Advisers and Market Participants
2008

Insider Trading

Index to this chapter

• Introduction
• Overview
• Concepts
  • What is insider trading?
  • Who is an information insider?
  • What is material information?
  • What is information that is generally available to the market?
• Insider Trading Prohibitions
  • Information insider must not trade
  • Information insider must not disclose inside information
  • Information insider must not advise or encourage trading
• Exceptions
  • Exception for trading required by an enactment
  • Exception for underwriters and sub-underwriters
  • Exception for knowledge of own intentions or activities
  • Exception for agent executing trading instruction only
  • Exception for takeovers
  • Exception for certain redemptions of units in unit trusts
  • Exception for Reserve Bank of New Zealand
• Defences
  • Lack of knowledge of trading
  • Insider information obtained by independent research and analysis
  • Equal information defence
  • Acting as an adviser
  • Options and trading plans
  • Chinese wall defence
  • Application of the insider trading laws to futures contracts
  • Trading by directors and officers of public issuers
• Enforcement
• Glossary

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