Redefining Market Manipulation in Australia: The Role of an Implied Intent Element

I. Introduction.......................................................................................................1
 II. Overview of Australia’s market manipulation regime ....................................2
 III. Criminal Proceedings: Statutorily implied intent element .............................3
 IV. Civil penalty: Self-implied intent element .....................................................4
 A. The role of civil penalty in reducing evidentiary difficulty ........................5
 B. The feasibility of an objective test based on economics .............................8
 C. The relevance of ‘intent’............................................................................10
 D. The way forward: specific intent v general intent.....................................12
 V. International experience ................................................................................14
 VI. Conclusion ...................................................................................................16
 Appendix ............................................................................................................17