You are the director of a company registered in Australia which is involved in the development of 'driverless vehicles' called On the Wheel Pty Ltd. The company's main aim is to finance and help young entrepreneurs apply and transfer the latest driverless and vehicle technology to a variety of fields including tourism, travel, entertainment, insurance and security. When assessing applications for finance, the members, officers and employees of On the Wheel Pty Ltd have access to personal information about the individuals making the application and confidential/sensitive information about how the technology will be applied commercially, including projected profits from the application. You receive an email from a close friend that you went to TAFE with who is now the director of an overseas company stating that their company wants to fund some of your projects. When you read the email further there is a line with small font that says:"By the way, we really need to get the money out of this country and it will greatly benefit your company." You also see that your friend mentions the details of an application from a young entrepreneur (which is not generally available) and you wonder how they would have known about this. The offer in the email is very appealing because you have known and trusted this friend from TAFE for a long while now and also know that it is quite difficult to get funds in Australia in the current market.

Outline and discuss in what ways the Corporations Act 2001 regulates as well as prohibits the misuse of the information which was disclosed which is not generally available and that would have a material effect on the price of the company's shares.