The national electronic securities trading system (SEATS) constitutes interstate trade and commerce within s 51(i) of the Constitution, and intrastate transactions within that system are inseparably connected with interstate transactions such that s 998 of the Corporations Law is supported by the trade and commerce power. A holding company may be characterised as a trading or financial corporation under s 51(xx) depending on the facts. An enforcement body's intervention in civil proceedings does not preclude it from subsequently instituting criminal proceedings arising from the same facts, particularly where the issues in the criminal proceedings are distinct from those in the civil proceedings. The question whether s 51(v) supports regulation of conduct using telecommunications was expressly left open.
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