The regulation of market manipulation in australia: a historical comparative perspective


The prohibition of market manipulation prior to 200114



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2.2 The prohibition of market manipulation prior to 200114

Market manipulation was initially prohibited by the Securities Industry Act 1970.15 This Act inter alia outlawed the creation of a false or misleading appearance of active trading with respect to listed securities or the market for and price of any securities.16 A similar prohibition was also retained in the statutes which were later enacted.17 The Corporations Law 1990 further prohibited market manipulation practices such as the making or publication of false or misleading statements,18 the manipulation of the futures contracts market and the artificial maintenance of securities trading prices in the relevant Australian19 markets.20 The Corporations Law 1990 also prohibited any misleading or deceptive conduct on the part of all the relevant persons, especially the officers or employees of companies.21 It is stated that the Corporations Law 1990 mainly prohibited stock (including securities) market manipulation and market rigging22 and its prohibition required proof of mens rea before any liability could be imputed to the accused persons. Consequently, the enforcement authorities struggled to obtain settlements and convictions in market manipulation cases.23





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