In regard to ASIC and disclosures, technically ASIC Guidance...

In regard to ASIC and disclosures, technically ASIC Guidance does NOT bind an individual to do anything. It merely requires an internet site which is licensed under the Legislation and runs an Internet Discussion Site (IDS) to GIVE A WARNING that investors should do certain things, such as disclose holdings. Hot Copper privides a "Held" / "Not Held" binary choice; and buried in the Hot Copper Terms of Use is the required warning- thus the Guidance is fully complied with by Hot Copper. There is no obligation on Hot Copper (at least under RG 162) for Hot Copper to verify the accuracy of any disclosures made y members- it is good enough that the warning is given.

ASIC has no jurisdication at all to go behind the scenes and verify whether the individual investor is telling the truth (or compel them to tell the truth), and indeed neither does Hot Copper have the means to do so. RG 162.24 in effect merely improves to confidence we might hold in an internet site....

That's not to say that insider trading or fraudulent activity might be issues if someone is manpulating stock but that's a whole different issue.

This is NOT legal advice and I am not affiliated with Hot Copper.

RG 162.42

An IDS must display prominent warnings to peoplemaking postings on the IDS. The warnings should also be accessible topeople who view the postings. They must set out clear messages that:

(a) you are personally responsible for your postings (including anyalterations you make to postings). Therefore, you should notinclude any misleading or deceptive information in your postingsand not carry out illegal or unauthorised activities using the IDS.Information in postings may, where appropriate, be madeavailable to ASIC. ASIC and people acting on such informationmay take action against you;

(b) if you include hyper-links to other sites, you may be seen asendorsing the material on such sites. It may be advisable for youto warn people accessing other sites that you do not endorse ortake responsibility for material in the hyper-linked sites;

(c) if you own or have some other interest in a security, or you haveany connection with a securities issuer that you might benefitfrom, you must disclose that fact. For example, you may beentitled to receive direct or indirect commissions, fees orother benefits from a financial product or service provider; or youmay be associated with a particular securities issuer such as bybeing an employee or director of a securities issuer. If so, youmust disclose that fact in your posting; and