Ang is a director of Water UnLimited, a company specialising in water treatment. At a board of directors’ meeting, the directors were informed that the company’s research and development department had come up with a revolutionary water treatment method that was less costly than current methods. The lower cost of water treatment was expected to result in increased profits for the company, and a rise in its share price. As the new water treatment process was market sensitive information, it was not to be released to the public until the press conference scheduled in a week’s time.That night, Ang telephoned his father-in-law, Boo, and told him to buy Water Unlimited shares quickly as the price was expected to go up soon. Without asking any further questions, Boo purchased 50,000 Water UnLimited shares. When the new water treatment works was announced the following week, Water UnLimited’s share price rose sharply. Boo sold his shares at a substantial profit.Required:Discuss the liabilities of Ang and Boo under the Securities and Futures Act (Cap 289). (10 marks)