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Insider Trading Law and Practice

20 November 2000
REPORT ON QUESTIONS ARISING FROM AN INQUIRY INTO TRADING IN THE SHARES OF FLETCHER CHALLENGE LIMITED IN MAY 1999
SECURITIES COMMISSION
WELLINGTON, NEW ZEALAND

TABLE OF CONTENTS
PART 1 - INTRODUCTION
- THE COMMISSION'S INQUIRY
- EVIDENCE

PART 2 - REVIEW OF EVENTS AND SHARE TRADING
- BACKGROUND
- FCL'S COMPUTER SYSTEM
- SEQUENCE OF EVENTS
- EFFECTS
- SHARE TRADING

PART 3 - APPLICATION OF THE LAW
- SECURITIES AMENDMENT ACT 1988
- INSIDE INFORMATION
- LIABILITY AS INSIDERS
- HYPOTHETICAL QUESTIONS
- INSIDER TRADING CONCLUSIONS

PART 4 - COMMENTS ON THE LAW
- LIABILITY FOR TIPPING
- SECONDARY INSIDERS - THE "LENGTH OF THE CHAIN"
- RECEIPT IN CONFIDENCE

PART 5 - MARKET MANIPULATION
PART 6 - OBSERVATIONS

Appendices

Appendix A,
Terms of Reference: Fletcher Challenge Limited

Appendix B,
"Fletcher Challenge Announces Major Strategic Initiatives"

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