REGINA v FIRNS [2001] NSWCCA 191

REGINA v FIRNS [2001] NSWCCA 191

The trial judge's direction that readily observable matter must be perceptible 'by those in Australia' improperly limited the statutory definition in s1002B(2)(a); information delivered in open court constitutes readily observable matter regardless of geographic location, thus the conviction must be set aside for misdirection.

Parties
Appellant: Regina; Respondent: Kenneth John Firns
Jurisdiction
Australia
Judgment Date
21 May 2001
Procedural Posture
Criminal Appeal / Appeal From Conviction
Outcome
appeal upheld
Legal Topics
Insider Trading, Information Generally Available, Readily Observable Matter
Criminal Law Corporations Law Insider Trading Information Generally Available Readily Observable Matter

Case Brief

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Parties

Regina

Appellant

Kenneth John Firns

Respondent

Procedural Posture

Criminal Appeal / Appeal From Conviction

Legal Issues

  1. 1 Whether information used by the appellant was 'generally available' under s1002B(2) of the Corporations Law
  2. 2 Whether a judgment delivered in open court constitutes 'readily observable matter'
  3. 3 Whether information must be readily observable in Australia to qualify as generally available

Ratio Decidendi

The trial judge's direction that readily observable matter must be perceptible 'by those in Australia' improperly limited the statutory definition in s1002B(2)(a); information delivered in open court constitutes readily observable matter regardless of geographic location, thus the conviction must be set aside for misdirection.

Court Disposition

appeal upheld

Orders

  • conviction and sentence quashed
  • acquittal entered