(This article appears courtesy of International Financial Law Review, sign up for a free trial on their site) The June 2007 decision in ASIC v Citigroup Global Markets Australia is also relevant for financial services companies that operate on a public/private division. Liability for insider trading will be determined by the adequacy of Chinese wall arrangements. The courts require not only extensive written procedures, but also that all employees understand and apply them to a host of possible conflicts of interest and duty.
This heralds a big win for investment banks.
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