Hey kimbo and fellow Crusaders. On the MEO thread this morning, someone said..Bots are here to stay..like it or lump it. (wonder what program he's running) My reply was that it is against the law and THEY can like it or lump it. I started thinking that I better be able to back that up. I have seen a few things here and there, on what act its against. Gray area from those at best. I spent ALOT of time reading the Corp act (7.7) When i was in A Dave and Gilieth battle for two years, with the big Macqu'a... over loosing 100k in a bull market.(the one before the crash) So I thought I'd dust off the ol' book marks and have a look.
With everything in the Corp acts, once your in the right place you hit gold.(getting there getting there is a night mare)
There is lots of good stuff around s1041 but this is the best bit. Please note the word DEVICE IN (1) ---------------------------------------------------- CORPORATIONS ACT 2001 - SECT 1041C False trading and market rigging--artificially maintaining etc. trading price
(1) A person must not (whether in this jurisdiction or elsewhere) enter into, or engage in, a fictitious or artificial transaction or device if that transaction or device results in:
(a) the price for trading in financial products on a financial market operated in this jurisdiction being maintained, inflated or depressed; or
(b) fluctuations in the price for trading in financial products on a financial market operated in this jurisdiction.
Note 1: Failure to comply with this subsection is an offence (see subsection 1311(1)). For defences to a prosecution based on this subsection, see Division 4.
Note 2: This subsection is also a civil penalty provision (see section 1317E). For relief from liability to a civil penalty relating to this subsection, see Division 4 and section 1317S.
(2) In determining whether a transaction is fictitious or artificial for the purposes of subsection (1), the fact that the transaction is, or was at any time, intended by the parties who entered into it to have effect according to its terms is not conclusive. -----------------------------------------------------------
By the by. I won the battle against the big Macqu'a... And got most of my money back in Dec 08. What a lovely place to come out of a alooooong dark tunnel.Bootom of the market.
