Outline

Overview

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.

Unit details and rules

Academic unit	Law
Credit points	6
Prerequisites ?	None
Corequisites ?	None
Prohibitions ?	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
Lecturer(s)	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:
Presentation	Presentation (20%) Presentation	20%	Week 02 Due date: 22 Sep 2023 at 09:00 Closing date: 22 Sep 2023	10-15 minutes
Outcomes assessed:
Assignment	Research essay proposal (10%) Essay proposal	10%	Week 03 Due date: 06 Oct 2023 at 23:59 Closing date: 20 Oct 2023	1000 words / 4 weeks
Outcomes assessed:
Assignment	Research essay (60%) Research essay	60%	Week 07 Due date: 03 Nov 2023 at 23:59 Closing date: 17 Nov 2023	5000 words / 4 weeks
Outcomes assessed:

Assessment summary

Thre are four assessment items for this unit

1. 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 22 September, or to submit their presentation via video format by 22 September 9am. Presentations will be between 10-15 minutes long. More detailed instructions will be released in class on 7 September 2023, 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 6 October 11:59pm, which outlines the proposed topic for the essay. More detailed instructions will be released in class on 7 September 2023.

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 3 November 11:59pm 2023. More detailed instructions will be released in class on 7 September 2023. 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.

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: The use of assistance in preparing and editing assessment tasks in this unit of study is strictly prohibited. Assistance includes human and automated writing tools (not including spell checking). The use of Studiosity does not breach this rule but must be acknowledged.

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

Assessment requirement 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 2014 (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 midnight of the due date for submission will attract a 10% penalty. A submission on the following day after midnight 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.

Use of generative artificial intelligence (AI) and automated writing tools

You may only use generative AI and automated writing tools in assessment tasks if you are permitted to by your unit coordinator. If you do use these tools, you must acknowledge this in your work, either in a footnote or an acknowledgement section. The assessment instructions or unit outline will give guidance of the types of tools that are permitted and how the tools should be used.

Your final submitted work must be your own, original work. You must acknowledge any use of generative AI tools that have been used in the assessment, and any material that forms part of your submission must be appropriately referenced. For guidance on how to acknowledge the use of AI, please refer to the AI in Education Canvas site.

The unapproved use of these tools or unacknowledged use will be considered a breach of the Academic Integrity Policy and penalties may apply.

Studiosity is permitted unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission as detailed on the Learning Hub’s Canvas page.

Outside assessment tasks, generative AI tools may be used to support your learning. The AI in Education Canvas site contains a number of productive ways that students are using AI to improve their learning.

Learning support

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.

Weekly schedule

WK	Topic	Learning activity
Ongoing	Introduction to market integrity and the rationale for prohibiting market misconduct	Seminar (6.5 hr)
	The regulation of insider trading and other forms of market misconduct	Seminar (6.5 hr)
	The enforcement of insider trading and market misconduct offences	Seminar (6.5 hr)
	Current issues in insider trading and market misconduct	Seminar (6.5 hr)

Attendance and class requirements

Attendance: All students are required to attend 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 sitting 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 https://libguides.library.usyd.edu.au/c.php?g=508212&p=3476376

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

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.

Outcomes
Graduate qualities

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

LO1. understand the concept of market integrity and the rationales for the regulation of market misconduct
LO2. understand the nature of the major forms of market misconduct, particularly insider trading and market manipulation
LO3. understand the challenges facing legislators and regulators in relation to market misconduct enforcement
LO4. understand the global context of Australia’s approach to regulating market misconduct

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
Learning outcomes

Responding to student feedback

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.

Additional information

Resources - Sydney Law Students

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.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

LAWS6944: Insider Trading and Market Misconduct

Semester 2b, 2023 [Block mode] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect