THE FUTURE OF INSIDER TRADING IN AUSTRALIA: WHAT DID RENE RIVKIN TEACH US?

Abstract

[The case of R v. Rivkin1 is one of the very few Australian cases resulting in a conviction for insider trading, making it a landmark case in this area of the law. This article examines developments in Australian law relating to insider trading in light of this decision of the New South Wales Court of Criminal Appeal. Aspects of the insider trading offence which have been clarified by Rivkin’s case are examined and discussed, as are those which remain contentious or unclear despite the judgment. The essential ele- ments of the insider trading offence are reviewed in this context, particu- larly in light of recent legislative reform and relevant academic commentary. This article also considers the role of the courts in interpret- ing difficult legislative provisions such as the laws regulating insider trad- ing, as well as providing an international perspective by analysing the potential application of key provisions of the legislative regimes of other jurisdictions. Clarification of contentious aspects of insider trading has been much needed, so despite the continuing absence of clarity in relation to some elements of the offence, judicial pronouncement by a higher court on these issues should be viewed as a welcome development to the laws on insider trading.]