I mentioned on twitter a few days back that the Financial Markets Authority was looking into something I wrote on this blog in terms of it breaking the Securities Markets Act 1988.
The piece was a "tipline" of sorts that solicited "inside information" from anyone with such knowledge and that it "may or may not be published on the blog". I wanted to use it as a tool to get insiders to tell me what they knew to see how much of it was going on. I wouldn't have published or used the information to trade myself.
I mentioned this to Teresa Levy from the FMA but she didn't see it from my point of view. She has a job to do I know but I am hardly going to practice any skullduggery when any of my readers will know that I have been railing against this sort of practice for years. I pointed this out to her but she was still less than impressed.
This is the FMA compliant to me (click on pics for a larger view)
She makes some good points but my reply to her wasn't exactly accepted by her with open arms:
As you can see I removed the offending post but in a phone call subsequent to my reply to her it was clear if I was not contrite I might face her attention again. I merely repeated what I had said to her above, suggested she go after those that are actually insider trading and keep me in the loop if she would.
She is fashioning a reply to my reply and phone call. I can hardly wait.
My readers should note that even though I may sound flippant or off-hand at times above I take the stockmarket, its operations and openness very seriously indeed. I just wish those big boys in the industry did as well and that information that is available to them is available to the average investor like myself at the same time it gets to them. It doesn't, that is wrong and the FMA should be looking elsewhere instead of pursuing a drip like myself.
It might appear infantile, immature and tongue poking but hey thats just me when a State employee brings the hammer down on me. its in my DNA.
The complaint was laid by an anonymous tipster and good on you if you were a legitimate complainer and had concern about what my post said. If you are a person who had a grudge against me, and I know some of you monkeys out there do for whatever reason, and did this for some sort of revenge or tiny amount of publicity seeking, eat my shorts loser, you cant get rid of me that easily.
Recent Share Investor Reading
- Im Buying: Contact Energy Ltd
- Share Investor Portfolio 2: Value @ 7 July 2011
- Share Price Alert: Contact Energy Ltd 4
- My G'G' Generation
- Share Price Alert: New Zealand Refining Ltd 3
- Charlies Group Ltd: Asahi make takeover offer
c Share Investor 2011