ASIC Gets Phone-Tap Power To Pursue Insider Traders

ASIC is finally going to get the power to intercept phone calls in its pursuit of insider traders, years after the US authorities were given the right to use phone taps to pursue convictions. Minister for Corporate Law Chris Bowen yesterday released draft legislation that will also increase criminal penalties for insider trading and sharemarket manipulation. Following a period of exposure for discussion, the federal government should be able to pass the increased powers into law later this year