6FRestrictions on dealings in securities

6F Restrictions on dealings in securities

[Section 6F Inserted by No. 9 of 1982, s. 7 and Sched. 10 ]

(1)  *[Section 6F Subsection (1) amended by No. 67 of 1994, s. 3 and Sched. 1 ]*A person who is, or has at any time been, a Commissioner or a person who is appointed for the purposes of this Act or any other law in force in Tasmania that confers functions or powers on the Commissioner, or is authorized to perform or exercise any function or power of the Commissioner under this Act or any other law in force in Tasmania, or any such function or power on behalf of the Commissioner, and has, by reason that he is, or has at any time been, a Commissioner or so appointed or authorized, information that is not generally available to members of the public but, if it were, would be likely materially to affect the price of any securities, shall not deal in, or cause or procure any other person to deal in, those securities.

Penalty:  Fine not exceeding 200 penalty units or imprisonment for a term not exceeding 5 years.

(2)  Where a person to whom subsection (1) applies has information as referred to in that subsection and that person deals in any securities in contravention of that subsection, he is liable to compensate any other party to the transaction for any loss sustained by that party by reason of any difference between the price at which the securities were dealt in in that transaction and the price at which they would be likely to have been dealt in in such a transaction at the time the first-mentioned transaction took place if the information had been generally available to members of the public.

(3)  The amount of compensation for which a person is liable under subsection (2) is –

(a) in a case to which paragraph (b) does not apply – the amount of the loss sustained by the person claiming the compensation; or

(b) if the first-mentioned person has been found by a court to be liable to pay an amount or amounts to any other person or persons under subsection (2) or under any other Act or law by reason of the same act or transaction – the amount of that loss less the amount or the sum of the amounts that the first-mentioned person has been so found to be liable to pay.

(4)  For the purposes of subsection (3) , the onus of proving that the liability of a person to pay an amount to another person arose from the same act or transaction from which another liability arose lies on the person liable to pay the amount.