Pre-exam

3) In relation to insider dealing, how would the following positions be considered in the context of deciding if a person was an ‘insider’?

i) Employee having access to information before it is made public

ii) A director of an issuer of securities acting on confidential information

iii) A member of the general public acting on published information

iv) A relative of a director employed by an issuer of securities acting on confidential information which they believed to be in the public domain

1) A, C

2) A

3) Insider, Insider, Not, Insider

are they correct or?

Your mention of the date of 27 June threw me! Because nowhere in the stem is 27 June mentioned :-.(

Options 3 and 4 MUST be 20 June

When time was made 'of the essence' that makes subsequent statements 'conditions'

So the correct answer is A and C

OK?

Which of the following statements in relation to a claim for wrongful dismissal is NOT true?

○ The employee must have been employed for at least one year

○ The employee can sue if the employer has dismissed them without proper notice

○ The employee can sue if the employer has dismissed them without any justified reason

○ The employee need not have served any minimum period of employment

Claims for wrongful dismissal are not dependent upon time served as an employee. The wording of options A and D automatically render options B and C irrelevant! A and D are directly opposite, so one of them must be incorrect. That means that there's no need to even read, let alone consider, options B and C!

So it comes down to 'Is time served relevant in a clainm for wrongful dismissal?' And the answer is 'NO!'

OK?

i and ii are clearly insiders. iii is clearly NOT an insider.

However, iv COULD BE an insider. The key here is 'acting on confidential information which they believed to be in the public domain'. How genuine is that belief? If interrogated, can they keep a straight face and affirm that they really, REALLY, REALLY believed that this was information in the public domain.

I suppose a pertinent question to ask would be 'If it's confidential information (per the question) can you genuinely think that it's in the public domain?'

Can 'confidential' information be in the public domain?

Or did the director's relative not realise that this information was confidential and was simply 'information in the public domain'

That's a tricky one!

Good luck with your exam - let me know how you got on, please

I read your replies, and everything became clear. Looking back, I realized that some of the stress from the previous day made me misunderstand a few things😬

Buttttt... I still passed the exam , with 71 marks! ☺️

Thank you sooo muchhhh for your support, guidance, and all the effort you put into helping me ☺️🙏🏻🙏🏻

Good score Aynur, well done.

Now for the rest of the ACCA Syllabus!

Enjoy the ride