how low can this go?, page-147

Former ASX director Simon Finemore said at a recent AIMA conference:
“No matter how hard you try to stay in the rules you've got to try harder,” he said.
One of those lessons , he said, was that investors must abide by the rules in which they are regulated under.
Mr Finemore was formerly on the ASX board until 2013 when his new firm -Manikay- was tripped up by US regulations.
“We ended up agreeing with the SEC that we broke this particular rule and we payed a relatively large fine, $2 or $3 million dollars,” he said.
The rule in question relates to how investors can and can’t buy stocks, Mr Finemore explained.
“There’s a rule in the US and what that says is if you short the shares you can’t basically buy stock in a new issue to cover your shorts,” he said.

So, is Freedom abiding by the rules ?