I have put the baiters, trolls and flamers on ignore, life is much easier as I can now that I have weeded these out and can read balanced posts (from both negative and positive sides). However I have noticed a large number of new members when I put them on hold (posts 1, 5, 12, etc). One more thing - flamers, baiters, trolls and cockroaches, don't bother to reply, I've got most of you on ignore and will ferret out any new ones and put you on ignore.
Something is definitely not right here, and I'm not talking about GSW. It's strange that so many new members would find their way immediately to GSW and start baiting and trolling. Are these the same people over and over, with new avatars and a new registration on HC?
As for the people who are yelling 'class action', even if there were grounds, GSW is not making enough money to make it worthwhile for any law firm to take them on. I have participated in a couple of class actions and they are long and drawn out, and only against very large listed companies that have the financial wherewithal to pay out if the judgement goes against them. And we are talking years here, so if there was a class action started, GSW could just dissolve, declare bankruptcy, disappear.
As for the ASX shutting them down, as has been implied, that's utter nonsense. The following is straight off the ASX website regarding enforcement.
Formal enforcement proceedings
If ASX finds that a participant has breached the Operating Rules, one course it may take is to institute formal enforcement proceedings in relation to the breach under the ASX Enforcement and Appeals Rulebook. Generally, ASX will only do this where it considers the beach to be sufficiently serious that it warrants imposing a monetary penalty on the participant.
Under the ASX Enforcement and Appeals Rulebook, ASX may impose a monetary penalty of up to $250,000 for a breach of the ASX or ASX 24 Operating Rules and up to $1,000,000 for a breach of the ASX Clear, ASX Clear (Futures) or ASX Settlement Operating Rules or the Austraclear Regulations. ASX may also impose a range of other sanctions, including a censure, an order for the participant to institute an education and compliance program, or the imposition of conditions or restrictions on the participant‟s admission or access to the relevant market or clearing and settlement facility.
The decision to impose a sanction under the ASX Enforcement and Appeals Rulebook is made on behalf of ASX by the Chief Compliance Officer (CCO). A right of appeal lies to the ASX Appeal Tribunal if a participant is dissatisfied with the decision of the CCO.
Referrals to ASIC
If ASX suspects that a participant has committed a significant contravention of the Operating Rules or the Corporations Act, it is required under that Act11 to give a notice to the Australian Securities and Investments Commission (ASIC) with details of the contravention. The purpose of the notice is so that ASIC can then consider whether it wishes to take criminal or other regulatory action in relation to the breach.
ASX is also required to notify ASIC of any disciplinary action it takes against a participant for breaching the Operating Rules.12
The limits on ASX’s investigation and enforcement powers
ASX is not an arm of the government that can exercise police powers. It cannot conduct searches, seize evidence, examine people on oath or arrest people who don‟t co-operate, in the way that ASIC or other government regulators can. Its ability to investigate is limited to its power under the Operating Rules to request a participant to provide information or access to books and records mentioned above.
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