Imo the question actually is...when does the NDA cease to be a NDA.
When said NDA becomes public knowledge via the other party or upon approval by said company for BRN to release the information you would think.
Reading the exceprt that
@Lex555 posted, imo, one needs to ask themselves, that if BRN has NDAs in force, which they have told us they do, then what conditions from the below excerpt need to be met that restrict Directors from buying?
Are there NDAs the public are not aware of yet?
Do the Directors consider knowledge of the NDA would have a material effect on the SP?
If those 2 points are yes then would that be considered insider trading?
The NDA rule appears to be a bit of an open ended catch all to me. The NDA and the possible Director trading restriction cease when the NDA becomes public.
Multiple NDAs and well ...
In the case of directors of an
ASX-listed company knowing about NDAs that the general public is not aware of, this information may be considered inside information, especially if the content of the NDA would have a material effect on the price or value of the company's securities if it were made public. Therefore, trading on such information would be in violation of the insider trading laws outlined in the Corporations Act 2001 (Cth).
You are correct that there are blackout periods which are generally aligned to company Fin reporting periods as well as companies usually have their own securities trading policy outlining potential other blackout periods.
May pay to read what BRNs says for further info but the ASX NDA outline is separate imo.