Margin Loans, Insider Trading and Disclosure Obligations: A Study of the Securities Trading Policies of the ASX 100

2020 ◽  
Author(s):  
Juliette Overland
Keyword(s):  
Insider Trading ◽  
Best Practice ◽  
Listed Company ◽  
Listed Companies ◽  
Legal Issues ◽  
Law Reform ◽  
Inside Information ◽  
Practice Recommendations ◽  
Securities Trading ◽  
Disclosure Obligations

Complex legal issues arise when listed company personnel enter margin loans over company securities. Does insider trading occur on a forced sale of company securities if the borrower possesses inside information? If a material number of company securities may be subject to a forced sale, must the listed company disclose it to the market? Are company personnel obliged to inform a listed company they have a margin loan over company securities? There is significant variation in the manner in which listed companies address these issues, which include applying prohibitions, requiring approvals, and obliging notifications. This article undertakes a detailed study of the securities trading polices of the ASX 100 to analyse the ways in which listed companies treat margin loans over company securities. This article proposes law reform and the development of ‘best practice’ recommendations for the treatment of margin loans in the securities trading policies of listed companies.

scholarly journals European Insider Trading Theory Revisited: The Limits of the Parity-of-Information Theory and the Application of the Property Rights in Information Theory to Activist Investment Strategies

2020 ◽  
Vol 17 (5) ◽  
pp. 558-600
Author(s):  
Ana Taleska
Keyword(s):  
Information Theory ◽  
Property Rights ◽  
Insider Trading ◽  
Public Information ◽  
Investment Strategies ◽  
The European Union ◽  
Inside Information ◽  
Market Participants ◽  
Trade Offs ◽  
Securities Trading

AbstractParity-of-information is purported to be the single overarching policy rationale for the European Union (EU) regulation on insider trading. This is because securities trading on the basis of informational advantages is generally prohibited under EU rules, as is tipping (and issuers’ selective disclosure) of material, non-public information. Yet, EU regulations allow market actors, including investment professionals and analysts, that have discovered valuable information -and thereby, have an informational advantage vis-à-vis their trading counterparties- to trade on this information. Relatedly, issuers of financial instruments, takeover bidders and merging parties can share information with a selected group of investors prior to public announcement of the transaction (market sounding), whereas firms can delay public disclosure of inside information and prevent all other market participants from trading on this information. I argue that these exceptions from the parity-of-information theory are -from a doctrinal standpoint- best explained as property rights in information of market actors that have developed new proprietary information with respect to European listed securities. This article, therefore, aims at providing a property rights account of the exceptions to the parity-of-information theory and it illustrates the trade-offs between the parity-of-information and the property rights in information theories underlying European insider trading rules. By extension, I analyze the specific case of activist campaigns as inside information and argue that it would be consistent with the property rights approach to allow activist investors to share their investment and trading strategies with other market participants that further their activist agenda.

scholarly journals One size does not fit all: small companies and ASX corporate governance compliance

2007 ◽  
Vol 5 (1) ◽  
pp. 66-78 ◽  
Author(s):  
Raymond da Silva Rosa ◽  
Dane Etheridge ◽  
Izan H. Y. Izan
Keyword(s):  
Corporate Governance ◽  
Small Firms ◽  
Best Practice ◽  
Listed Companies ◽  
Small Companies ◽  
Governance Mechanisms ◽  
Practice Recommendations ◽  
Good Corporate Governance ◽  
Corporate Governance Mechanisms ◽  
Timely Reminder

The ASX Corporate Governance Council’s Principles of Good Corporate Governance and Best Practice Recommendations (Released March 2003) has been criticised as unduly prescriptive and potentially costly, particularly for small firms. Using a sample of 518 West Australia and Queensland based ASX listed companies, we show that small companies are less likely to comply with several of the ASX recommendations than large companies. We also show that some agency controls largely ignored in the recommendations, such as substantial shareholders, may substitute for some of the corporate governance mechanisms recommended by the ASX. We also consider the effect that the extent of director interlocking may have on compliance, and find that it is minimal. Overall, the results of this research provide a timely reminder that when it comes to corporate governance, one size does not fit all.

Illuminating the decision-making strategies of anesthesia providers in challenging cases

2020 ◽  
Vol 64 (1) ◽  
pp. 653-657
Author(s):  
Joshua Biro ◽  
David M. Neyens ◽  
Candace Jaruzel ◽  
Catherine D. Tobin ◽  
Myrtede Alfred ◽  
...  
Keyword(s):  
Decision Making ◽  
Work Environment ◽  
Medication Errors ◽  
Information Seeking ◽  
Best Practice ◽  
Practice Recommendations ◽  
Medication Delivery ◽  
Anesthesia Providers ◽  
Healthcare Work ◽  
Realistic View

Medication errors and error-related scenarios in anesthesia remain an important area of research. Interventions and best practice recommendations in anesthesia are often based in the work-as-imagined healthcare system, remaining under-used due to a range of unforeseen complexities in healthcare work-as- done. In order to design adaptable anesthesia medication delivery systems, a better understanding of clinical cognition within the context of anesthesia work is needed. Fourteen interviews probing anesthesia providers’ decision making were performed. The results revealed three overarching themes: (1) anesthesia providers find cases challenging when they have incomplete information, (2) decision-making begins with information seeking, and (3) attributes such as expertise, experience, and work environment influence anesthesia providers’ information seeking and synthesis of tasks. These themes and the context within this data help create a more realistic view of work-as-done and generate insights into what potential medication error reducing interventions should look to avoid and what they could help facilitate.

scholarly journals Order, experience, and critique: The phenomenological method in political and legal theory

2021 ◽  
Author(s):  
Sophie Loidolt
Keyword(s):  
Best Practice ◽  
Legal Theory ◽  
Legal Issues ◽  
Main Task ◽  
Phenomenological Method ◽  
The Public ◽  
Practice Models ◽  
Critical Phenomenology ◽  
Flexible Framework ◽  
The Public Sphere

AbstractThe paper investigates phenomenology’s possibilities to describe, reflect and critically analyse political and legal orders. It presents a “toolbox” of methodological reflections, tools and topics, by relating to the classics of the tradition and to the emerging movement of “critical phenomenology,” as well as by touching upon current issues such as experiences of rightlessness, experiences in the digital lifeworld, and experiences of the public sphere. It is argued that phenomenology provides us with a dynamic methodological framework that emphasizes correlational, co-constitutional, and interrelational structures, and thus pays attention to modes of givenness, the making and unmaking of “world,” and, thereby, the inter/subjective, affective, and bodily constitution of meaning. In the case of political and legal orders, questions of power, exclusion, and normativity are central issues. By looking at “best practice” models such as Hannah Arendt’s analyses, the paper points out an analytical tool and flexible framework of “spaces of meaning” that phenomenologists can use and modify as they go along. In the current debates on political and legal issues, the author sees the main task of phenomenology to reclaim experience as world-building and world-opening, also in a normative sense, and to demonstrate how structures and orders are lived while they condition and form spaces of meaning. If we want to understand, criticize, act, or change something, this subjective and intersubjective perspective will remain indispensable.

scholarly journals Canadian Stroke Best Practice Recommendations: Secondary Prevention of Stroke Update 2020

2021 ◽  
pp. 1-69
Author(s):  
David J. Gladstone ◽  
M. Patrice Lindsay ◽  
James Douketis ◽  
Eric E Smith ◽  
Dar Dowlatshahi ◽  
...  
Keyword(s):  
Secondary Prevention ◽  
Best Practice ◽  
Practice Recommendations

Best Practice Recommendations for Optimizing Care in Structural Heart Programs: Planning Efficient and Resource Leveraging Systems (PEARLS)

2021 ◽  
Author(s):  
Elizabeth M. Perpetua ◽  
Kimberly A. Guibone ◽  
Patricia A. Keegan ◽  
Roseanne Palmer ◽  
Martina K. Speight ◽  
...  
Keyword(s):  
Best Practice ◽  
Practice Recommendations ◽  
Resource Leveraging
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