Insider trading report due

By Phil Boeyen, ShareChat Business News Editor

Tuesday 16th January 2001

The Government is likely to announce next month how it plans to get tougher on insider trading.

A discussion document on the country's insider trading laws was released in September last year and has received a number of submissions on the issue.

Commerce Minister Paul Swain says the purpose of the discussion document was not only to obtain people's views on prevention, detection and enforcement but also to see whether there was public support for a more fundamental review.

"Many of the submissions received on the discussion document supported the current focus of the review on enforcement, prevention and detection and appreciated the fact that government is keen to get moving on this."

Mr Swain says some submitters also identified problems with the definitions and other substantive provisions of the legislation.

"There seems to be differing views among the public as to whether it is problems with the substantive law, or the fact that our law is not adequately enforced, that have led to the lack of successful prosecutions and the lack of confidence in our regime.

The Commerce Minister says he is expecting a report from officials in February and will make an announcement soon after.

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