Clause 42

by deleting subsection (1) and substituting the following subsections:“(1) No person shall do any thing, cause any thing to be done or engage in any course of conduct, if his purpose, or any of his purposes, for doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, is to create a false or misleading appearance —

of active trading in any securities on a securities market; or

with respect to the market for, or the price of, such securities.(1A) No person shall do any thing, cause any thing to be done or engage in any course of conduct that creates, or is likely to create, a false or misleading appearance of active trading in any securities on a securities market, or with respect to the market for, or the price of, such securities, if —

he knows that doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, will create, or will be likely to create, that false or misleading appearance; or

he is reckless as to whether doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, will create, or will be likely to create, that false or misleading appearance.”;

by deleting the words “a person who” in subsection (3) and substituting the words “where a person”;

by deleting the words “shall be deemed to have created” in subsection (3) and substituting the words “it shall be presumed that his purpose, or one of his purposes, for doing so is to create”; and

by deleting the words “In any proceedings against a person for a contravention of subsection (1) because of an act referred to in subsection (3), it is a defence” in subsection (4) and substituting the words “The presumption under subsection (3) may be rebutted”.