Expert: M.J. Aitken
We provided expertise leading to the enforcible undertaking accepted by ASIC from Mr King and Regal. Regal is an Australian fund manager that manages a variety of long-short equity funds, where Mr King acted as a director and Chief Investment Officer. ASIC was concerned that Mr King, by virtue of his position and experience, knew, or ought reasonably to have known, that certain information he received before selling approximately 4 million TEN shares at $0.28 per share was, or may have been, confidential and that its dissemination to him may have been contrary to the interests of the disclosing broker’s client. In ASIC’s view, Mr King was obliged to avoid using the information and, in particular, to refrain from selling TEN shares.
Description: misuse of confidential client information; enforcible undertakings; insider trading; crossings