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HA3021 CORPORATIONS LAW
The given assignment is about ASIC v Stephen William Vizard (2005) legal court case concerned the responsibilities and duties of a director to abstain from using the confidential information which is acquired during the course of his directorship in the company for the personal benefit. Australian Securities and Investment (ASIC) is a prestigious national body which has the significant responsibility to govern the corporation securities and legislation regulation in Australia. ASIC is a commonwealth authority which is also responsible for ruling the corporation act and provided ASIC owned such important functions and power that is gifted by the corporation legislation. It also has the power to bring prosecution for criminal offences or can also apply for the corporate legislations penalties order if they found that there is a presence of contravention of law.
Mr. Vizard was a non-executive director of Telstra Corporation Limited in year of 2000 and has been appointed as a director in 1996. It is to be believed that there are mainly three occasions where Mr. Vizard has used the confidential information which he obtained from the Telstra during his working tenure. He was highly aware of market sensitive information related to the Telstra Company and disclosing the important information in the market. As a result of this, ASIC has played a significant role to initiate a trial against the company director for using the