You set up the company for the clients and they go away happy. Each of them is appointed director. Misha and Tanya have 40% of the shares, but Irving only has 20% because he was only a junior partner and made a smaller capital contribution when the partnership was established. Three years later, they make another appointment to see you. The company has become so successful they are thinking of floating on the stock exchange. They seek a BRIEF SUMMARY of the legal requirements for making a large share offer to the public.

a) You also need to give them a summary of the disclosure and reporting requirements for public companies.

b) The company is successfully floated and shares are issued to the public. A year later, Misha and Tanya come and see you on their own. They, along with Irving, remain as directors of the company. They are concerned that Irving may be passing confidential information to friends about the company's contractual negotiations so that the friends can trade profitably in the company's shares or get relatives to trade in the company's shares. You need to give Misha and Tanya advice on Irving's possible criminal liability for insider trading and also any possible breaches of his directors' duties. You will want to support your answer with some case law.