Re Michael’s article today – his email not on
crikey – I wonder if anyone told them about this:

CORPORATIONS
ACT 2001 – SECT 1041E

False or misleading statements

(1) A person
must not (whether in this
jurisdiction
or elsewhere) make a statement,
or disseminate information,
if:

(a) the statement
or information
is false in a material particular or is materially misleading; and

(b) the statement
or information
is likely:

(i) to induce persons
in this
jurisdiction
to apply for financial
products
; or

(ii) to induce persons
in this
jurisdiction
to dispose
of or acquirefinancial
products
; or

(iii) to have
the effect of increasing, reducing, maintaining or stabilising the price for
trading in financial
products
on a financial
market
operated
in this jurisdiction
; and

(c) when the person
makes the statement,
or disseminates the information:

(i) the person
does not care whether the statement
or information
is true or false; or

(ii) the person
knows, or ought reasonably to have
known, that the statement
or information
is false in a material particular or is materially misleading.

Penalty: $22,000 or go to your room for up to 5years, or
both (just ask Rodney…)

Peter Fray

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