Section 382.1 of the Criminal Code creates the offences of insider trading and tipping, punishable by a maximum prison term of 10 years. The distinction between the Criminal Code and the Ontario Securities Act offence of illegal insider trading is that the criminal offence imports a mens rea requirement that the individual “knowingly used inside information,” whereas in the regulatory context the Crown is only required to prove that the individual was in possession of knowledge that was not generally disclosed.