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"When you sell shares how do you know who you sell to? How do you know the buyer had an information you did not have?" You have suggested the way - a private, unregulated stock exchange could demand a contractual obligation similar to today's insider trading laws. I don't think anyone would use it, but I'd be happy to let the market decide. Another way would be a contract between the exchange and the buyers to supply the names of specific sellers who traded with them. Then the buyers could rifle through the dirty underwear like the state's agents do now, if they had reasonable grounds for such a search. "I support the idea that victimless crime is not a crime in general. However, imagine that you drive through the intersection on red light, but there were no accident. Is it a crime? IMO it is, because you endanger other lives and properties." If a private road owner demanded that his users make a contractual committment to stop at red lights even when it's safe to proceed (i.e no accident results), then there would be a wrong-doing (breach of contract). But if the state's agents use red lights (as an excuse) to collect revenue at the point of a gun when no-one gets hurt, they are guilty of a wrong-doing (theft). "It can be argued that in above example motorist broke the contract under which he obtained driver licence. Then insider trader also breaks the contract with stock exhange by using insider knowledge." These contacts need to be private, voluntary and explicit to be dealt with by the Common Law. "Another point: as a shareholder I am an owner (albeit only small part) of a business. The management, hired by the owners, must report all significant development to the owner(s)." Maybe ASIC should have gone after their old friends, Qantas? It's proabably easier to pick on an old Jew whose success they're jealous of than their fellow socialists! "In the Rivkin case (as in many others) the real culprit is the one who supplied him this information." Hey maybe if we keep everything secret, then nobody will be a victim!
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