Ann: Revision to Updated Scoping Study Nueva Sabana Mine, Cuba, page-105

Just an info share on some of my research and digging around into the subject of Manipulative Trading - so Not Advice

below are previous copies of what were the ASX Trading Rules - Rule #13.4 which also used to have a Guidance Note #1 that went with it, sourced from the ASX website via google search results, not necessarily links presented on the website currently.

I use past tense, because last time I read through these, they were the rules and yet I think in recent times there's been a review and rewrite to still emcompass and embody the Corporation Act Fair Pricing Market provisions, but maybe less explicit in the types of things that are written as breaches of Trading Rules, because:

• the Regulators are happy to give people more rope to hang themselves with
• the Regulators have more scope to put forward an argument why under the general provisions of the Coporations Act as to why the trading they investigated is a deemed a breach, and then onus to defend would fall upon those they bring action against
• the Regulators can say (effectively lowly prioritise) the more difficult investigations which may not be impacting large numbers of people, that there just isn't enough there to committ the resources

anyway, background aside, these are those very clearly written Rule 13.4 and Guidance Note #1, it's a little bit the case as to what are today's current versions and to what degree of detail do they spell out the types of breaching behaviours ?








here is the very broad Corporations Act clauses and it's very easy to deem all the trading that we know is going on as being in breach of the broad wording of the clauses

https://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s1041a.html

https://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s1041b.html





I haven't yet gotten to the bottom of the re-written ASX Listing / Trading Ruels and Guidance Notes, but I think it was 2024 ?? that these were re-written and republished as new documents, but a reasonable person would expect all the same provisison for Fair and repsresentabel Market should have all been taken forward.

for cross reference, here's one of ASIC's recent cases that brought about a successful conviction for Manipulative Trading under the Corprations Act - https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-116mr-**riel-govinda-sentenced-to-two-and-a-half-years-imprisonment-and-fined-for-market-manipulation-and-finfluencer-conduct/

The disappointing thing, in a sense, is that the regulators were rightful in doing so, and happy to go after this case, but it was brought against a small time person, it's not like they tackle and have blown open any systemic manipulation. Is that because in the JP Morgan spoofing case in the US, where JP Morgan threw out a patsy and agreed to pay almost 1 billion dollars as a fine and effectively got a slap ont he wrist ? https://www.cftc.gov/PressRoom/PressReleases/8260-20


Just disapppointing that with all of that detail and guidelines under which markets are supposed to be regulated, that thsi has been goign on with AAU for so long despite it having previously been reported to regulators in the past and not just a recent "complaint"