The Australian insider trading regime: workable or hopelessly complex?

The efficacy of the Australian insider trading regime is the subject of ongoing debate. Uncertainties as to the nature, ambit and enforcement of the insider trading provisions abound, and while some parties suggest the regime is workable, others find it hopelessly complex and untenable. The article suggests that the effectiveness of the insider trading regime on a stand-alone basis is inherently limited. The regime needs to operate as one limb of a balanced and integrated corporate disclosure framework in order to achieve its policy goals of economic efficiency and market fairness.