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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.10 - MARKET MISCONDUCT AND OTHER PROHIBITED CONDUCT RELATING TO FINANCIAL PRODUCTS AND FINANCIAL SERVICES    View history reference

Division 3 - The insider trading prohibitions    View history reference

Subdivision B - The prohibited conduct    View history reference

SECTION 1043G  CHINESE WALL ARRANGEMENTS BY PARTNERSHIPS ETC.  

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1043G(1)  [No actual knowledge by other partners]  


The members of a partnership do not contravene subsection 1043A(1) by entering into a transaction or agreement at any time merely because one or more (but not all) of the members, or an employee or employees of the partnership, are in actual possession of information if:


(a) the decision to enter into the transaction or agreement was taken on behalf of the partnership by any one or more of the following persons:


(i) a member or members who are taken to have possessed the information merely because another member or other members, or an employee or employees of the partnership, were in possession of the information;

(ii) an employee or employees of the partnership who was not or were not in possession of the information; and


(b) the partnership had in operation at that time arrangements that could reasonably be expected to ensure that the information was not communicated to the person or persons who made the decision and that no advice with respect to the transaction or agreement was given to that person or any of those persons by a person in possession of the information; and


(c) the information was not so communicated and no such advice was so given.

1043G(2)  [Deemed knowledge insufficient]  


A member of a partnership does not contravene subsection 1043A(1) by entering into a transaction or agreement otherwise than on behalf of the partnership merely because the member is taken to possess information that is in the possession of another member or an employee of the partnership.


 



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