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Unit of study_

LAWS6944: Insider Trading and Market Misconduct

Semester 1b, 2024 [Block mode] - Camperdown/Darlington, Sydney

This unit examines insider trading, market manipulation, and related forms of market misconduct in a legal context, so that students will gain an understanding of the elements of these offences, as well as applicable defences and exemptions. The regulatory regime in Australia will be examined, with a comparative analysis of the legal position in other jurisdictions, such as the USA, UK, Hong Kong, Singapore, and Malaysia. The unit will consider the sways in which the relevant laws have developed, including law reform proposals. The unit will also address the challenges in detecting forms of market misconduct and enforcing relevant laws, as well as considering the role of regulators. Further information about this unit is available in the Sydney Law School timetable https://canvas.sydney.edu.au/courses/4533/pages/postgraduate-lecture-timetable, unit of study outline https://www.sydney.edu.au/units and academic staff profile https://www.sydney.edu.au/law/about/our-people/academic-staff.html

Unit details and rules

Unit code LAWS6944
Academic unit Law
Credit points 6
Prohibitions
? 
None
Prerequisites
? 
None
Corequisites
? 
None
Assumed knowledge
? 

Students are encouraged to complete LAWS6810 Fundamentals of Corporate Law prior to undertaking this unit, but it is not a pre-requisite

Available to study abroad and exchange students

No

Teaching staff

Coordinator Juliette Overland, juliette.overland@sydney.edu.au
Type Description Weight Due Length
Participation Class participation (10%)
Participation and engagement
10% Multiple weeks Ongoing
Outcomes assessed: LO1 LO5 LO4 LO3 LO2
Presentation Presentation (20%)
Presentation
20% Multiple weeks 10-15 minutes
Outcomes assessed: LO1 LO5 LO4 LO3 LO2
Assignment Research essay proposal (10%)
Essay proposal
10% Week 06
Due date: 17 May 2024 at 23:59

Closing date: 31 May 2024
1000 words / 4 weeks
Outcomes assessed: LO1 LO2 LO3 LO4
Assignment Research essay (60%)
Research essay
60% Week 11
Due date: 14 Jun 2024 at 23:59

Closing date: 28 Jun 2024
5000 words / 4 weeks
Outcomes assessed: LO1 LO2 LO3 LO4

Assessment summary

1. Structured class participation (10%)

Students will take part in a variety of structured activities in class, and will be assessed on their level of participation and engagement with the relevant materials. These activities will be oral, and assessed on an individual basis. Students will not be required to prepare the activities in advance, but to engage and participate in the assigned activities as required in class. Students will participate in particular assigned sessions, with the list of assigned sessions made available on Canvas in the week before classes commence. In completing this assessment item, students will demonstrate their oral communication skills, their understanding of the topics addressed in the unit, and their ability to apply knowledge of the unit materials to a variety of contexts. 

2. Presentation (20%)

Students will give a presentation on a recent news item related to the unit materials, with the topic to be approved in advance by the lecturer. Students will have the option to either give the presentation to the class on the afternoon of Friday 3 May 2024 Sydney, Australia time or to submit their presentation via video format by 9am on Friday 3 May 2024 Sydney, Australia time. Presentations will be between 10-15 minutes long. More detailed instructions will be released in class on 11 April 2024 Sydney, Australia time when students will elect to present to the class or submit via video. In completing this assessment item, students will demonstrate their understanding of the unit materials, and to apply that knowledge to a practical example. Students will also demonstrate critical thinking, analytical and oral communication skills.

3. Research Essay Proposal (10%)

Students will submit a research proposal of up to 1,000 words (excluding footnotes) by 11.59pm on Friday 17 May 2024 Sydney, Australia time which outlines the proposed topic for the essay. More detailed instructions will be released in class on Thursday 11 April 2024 Sydney, Australia time

4. Research Essay (60%)

After submission and approval of the research essay proposal (see above), students will submit a final essay of up to 5,000 words (excluding footnotes and bibliography) by 11.59pm on Friday 14 June 2024 Sydney, Australia time. More detailed instructions will be released in class on Thursday 11 April 2024 Sydney, Australia time. In completing this assessment item, students will demonstrate their understanding of the unit materials, their research and critical thinking skills, and their written communication skills.   

 

Special consideration: Successful grants of Special Consideration may involve alternative tasks, as appropriate. 

Word limit penalty: A piece of assessment which exceeds the prescribed word limit will attract a penalty of 10% of the total marks available for the piece of assessment for every 100 words, or part thereof. The total word count for essay and other written assessments will exclude all footnotes and any bibliography (if required).  

Use of editors or proof-readers: In completing unsupervised assessments, students may use editors, proof-readers, and automated writing tools (including translation software, grammar checkers, reference generators and artificial intelligence), provided that all use is acknowledged and consistent with University policies and procedures including Academic Integrity Policy. Acknowledgment must be made in writing on the front of the work submitted for assessment, or in an appropriate footnote or other reference, and state the name of the person or software.  

Assessment requirements to pass a unit of study: A student must make a genuine attempt at all assessment tasks set out in this Unit of Study in order to obtain a Pass mark and grade (or above); otherwise an Absent Fail grade will be recorded as the student’s result for this Unit of Study. 

 

 

 

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2021 (Schedule 1). 

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name

Mark range

Description

High distinction

85 - 100

  • Completely answers the question.
  • Contains striking originality of approach or analysis.
  • Demonstrates exhaustive or innovative research (where independent research required).
  • Exceptionally well written, structured and expressed.
  • Is otherwise exceptional in some way.

Distinction

75 - 84

  • Completely answers the question.
  • Achieves a critical and evaluative approach to the issues.
  • Content and structure is well organised in support of the argument.
  • Demonstrates extensive research and analysis to support a well-documented argument.
  • Generally well expressed and free from errors.
  • Has a clear structure and is well articulated.

Credit

65 - 74

  • Covers main issues fairly well in answering the question.
  • Contains no significant errors.
  • Demonstrates an attempted critical approach to the issues.
  • Demonstrates reasonably sound research and analysis in addressing the key issues.
  • Has a clear structure and reasonably clear expression.

Pass

50 - 64

  • Identifies the key issues, but does not follow through with a reasoned argument.
  • Contains some significant errors.
  • Displays satisfactory engagement with the key issues.
  • Offers a descriptive summary of material relevant to the question.
  • Superficial use of material, and may display a tendency to paraphrase.
  • Demonstrates little evidence of in-depth research or analysis.
  • Adequate expression.
  • Overall, demonstrates the minimum level of competence in the assessment and satisfies the requirements to proceed to higher-level studies in the degree or subject area.

Fail

0 - 49

  • Does not answer the question.
  • Contains significant or numerous errors.
  • Few or no identifiable arguments.
  • Content that is inappropriate or irrelevant.
  • Lack of research or analysis.
  • Difficult or impossible to understand through poor grammar, expression or structure.
  • Overall, does not demonstrate the minimum level of competence in the assessment.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

This unit has an exception to the standard University policy or supplementary information has been provided by the unit coordinator. This information is displayed below:

The late submission of a piece of assessment, without an approved extension, will attract a penalty of 10% of the total marks available for the piece of assessment per calendar day or part thereof. For example, a submission after 11.59pm of the due date for submission will attract a 10% penalty. A submission on the following day after 11.59pm will attract a 20% penalty, and so on. Penalties for late submission will be applied strictly, subject to a grace period of 10 mins. The date and time of submission as recorded by Canvas is taken as the official and final record of a student’s submission.

Academic integrity

The Current Student website  provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.  

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Support for students

The Support for Students Policy 2023 reflects the University’s commitment to supporting students in their academic journey and making the University safe for students. It is important that you read and understand this policy so that you are familiar with the range of support services available to you and understand how to engage with them.

The University uses email as its primary source of communication with students who need support under the Support for Students Policy 2023. Make sure you check your University email regularly and respond to any communications received from the University.

Learning resources and detailed information about weekly assessment and learning activities can be accessed via Canvas. It is essential that you visit your unit of study Canvas site to ensure you are up to date with all of your tasks.

If you are having difficulties completing your studies, or are feeling unsure about your progress, we are here to help. You can access the support services offered by the University at any time:

Support and Services (including health and wellbeing services, financial support and learning support)
Course planning and administration
Meet with an Academic Adviser

WK Topic Learning activity Learning outcomes
Week 01 Introduction to market integrity and the rationale for prohibiting market misconduct Seminar (6.5 hr) LO1 LO2 LO3 LO4
The regulation of insider trading and other forms of market misconduct Seminar (6.5 hr) LO1 LO2 LO3 LO4
Week 04 The enforcement of insider trading and market misconduct offences Seminar (6.5 hr) LO1 LO2 LO3 LO4
Current issues in insider trading and market misconduct Seminar (6.5 hr) LO1 LO2 LO3 LO4

Attendance and class requirements

Attendance: All students are required to attend at least 70% of classes to satisfy the pass requirements for each unit of study. Failure to meet this requirement may result in a student being precluded from submitting the final assessment. 

For units offered in Intensive mode, participation in all scheduled sessions may be expected by a Unit Coordinator in order to satisfy the requirements of the unit. 

Referencing: The Sydney Law School expects you to use the Australian Guide to Legal Citation (4th edition, 2018) for your footnoting style, although you should confirm this with your lecturer, and a link to the library website where this is set out comprehensively is available at Referencing and Citation Styles: AGLC4  

 

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

Please refer to the Reading Guide which will be posted on Canvas.

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. Critically analyse the concept of market integrity and articulate the rationales for regulating market misconduct.
  • LO2. Evaluate the nature of major forms of market misconduct, with a focus on insider trading and market manipulation.
  • LO3. Identify and describe to an advanced level the challenges faced by legislators and regulators in enforcing market misconduct laws
  • LO4. Compare and contrast Australia’s regulatory approach to market misconduct with that of other global jurisdictions.
  • LO5. Deliver persuasive oral presentations on the effectiveness of market misconduct laws and regulatory strategies across different jurisdictions.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

This section outlines changes made to this unit following staff and student reviews.

The learning activities, readings and assessment items have been amended to better reflect the nature of the unit and recent developments in the field.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.