Clause 32

by deleting the words “or employee” wherever they appear in subsections (1), (2), (5), (7) and (8) and substituting in each case the words “, employee or substantial shareholder”;

by deleting the word “specific” in the fifth line of subsection (1) and substituting the word “special”;

by deleting the words “on a stock exchange” in the ninth line of subsection (1);

by deleting subsection (3) and substituting the following subsection:“(3) An action for the recovery of the amount of a loss referred to in subsection (1) shall not be commenced after —

the expiration of two years after the date of the completion of the dealing in securities in respect of which the loss was suffered; or

the expiration of the period of six months next succeeding the discovery of the relevant facts in relation to the dealing by the person who suffered the loss.”;

by inserting, immediately before the definition of “officer” in subsection (4), the following definition:“ “loss” includes a deprivation of gain or profit;”;

by deleting the full-stop at the end of subsection (4) and substituting a semi-colon, and by inserting immediately thereafter the following definition:“ “substantial shareholder” has the same meaning as in section 69C.”;

by deleting the word “specific” in the fourth line of subsection (5) and substituting the word “special”;

by deleting the words “that corporation” in the thirteenth line of subsection (5) and substituting the words “either corporation”;

by deleting the words “that other corporation on a stock exchange” in the fifteenth and sixteenth lines of subsection (5) and substituting the words “either corporation”;

by inserting, immediately after subsection (5), the following subsection:“(5A) For the purposes of this section —

the words “special confidential information” mean any confidential fact or circumstance of whatever nature that would affect the price of the securities of the corporation; and

the words “if generally known” with reference to special confidential information shall be construed as a reference to information that the investing public becomes aware of after the expiration of seven days from the date that the corporation brings the information to the attention of the investing public, whether by way of press announcement, circular or otherwise.”;

by deleting the words “on a stock exchange” at the end of subsection (7);

by deleting the word “thirty” in the fifth line of subsection (8) and substituting the words “one hundred”; and

by inserting, immediately after subsection (8), the following subsection:“(9) Where a person —

obtains, directly or indirectly, from an officer, agent, employee or a substantial shareholder of a corporation special confidential information in relation to the securities of the corporation referred to in subsection (1) or of an executory transaction involving another company referred to in paragraphs (a) and (b) of subsection (5) which he knows, or ought reasonably to have known, has been acquired by such officer, agent, employee or substantial shareholder by virtue of his position in, or connection with, the first-mentioned corporation and that information is not generally known, but if it were, might reasonably be expected to have materially affected the price of those securities; and

makes use of that information to gain, directly or indirectly, an advantage for himself by dealing in the securities of the corporation referred to in subsection (1) or the securities of either corporation referred to in subsection (5),he shall be guilty of an offence and shall be liable on conviction to imprisonment for a term not exceeding three years or to a fine not exceeding fifty thousand dollars or to both such imprisonment and fine.”.