There is no a priori rule that tipping offences under s 1043A(2) are less serious than insider trading under s 1043A(1); tipping may be more serious because of the ready transmissibility of information and the tipper's loss of control. The expectation stated in Glynatsis that insider traders should expect to go to gaol applies equally to tipping offences. Factors relevant to assessing objective seriousness of tipping include: the nature and importance of the information, the extent of disclosure, whether the offender knew the tippee would trade, the nature of any breach of trust, sophistication or subterfuge, whether the offending involved a course of conduct, and the extent of profit made.
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