'Readily observable matter' under s 1002B(2)(a) of the Corporations Law is not confined to matter observable within Australia; a judgment delivered in open court in a foreign jurisdiction is readily observable matter. Information may be readily observable even if no one actually observed it, and the concept extends to information perceivable through modern telecommunications. The market fairness/'equal access' paradigm cannot be invoked as the sole basis for interpreting the insider trading offence.
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