Read the facts then answer the following questions.

Facts

Monty is a registered tax (financial advisor) with the Tax Practitioner's Board. He was recently at a dinner party when the conversation turned to the guests' recent share-trading activities. One of the guests, Bruce, is financial controller for Empire Limited, a large multinational listed public company on the ASX. Bruce hinted to the other dinner guests that if they buy some shares in the company they would not be sorry because a major acquisition was to be announced within the next few days. Monty recommended the shares the next day to two important clients who each bought 100,000 shares in Empire Limited the next day. They both sold them two weeks later at a profit of $50,000 each.

Questions

Examine and explain whether Monty or Bruce has contravened:

(i) any ethical standards of conduct imposed by the tax practitioner's Act 2009 (CTH)

(ii) the insider trading provisions of the Corporations Act. Remember to refer to any applicable sections of legislation