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was a "tipline" of sorts that solicited "inside information" from anyone with such knowledge and that it "may or may not be published on the blog".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:
Hi Teresa,
I don't see how I could have possibly contravened any of these laws:
1: I have not received any tips thus far and intended to remove the post anyway for a number of reasons (it was a bit of a joke post really and to possibly make insider information that is regularly traded on available to the average investor) and you have reminded me that it is still there. (AND I have just removed it)
2: Any contravening of any act stated by you would appear be at the hands of the insider. "Encouraging" people to supply insider stuff as you say I am doing is a kind of a gray area, it is really up to the "insider" and they are the ones who you should be targeting.
3: As I said in the link you gave to me I may or may not publish if I had received anything.
4: I do not give recommendations to buy or sell securities or investments and neither am I paid to. I simply inform readers of my opinion and let them decide to act or not.
5: I am amazed that you are not going after insiders within companies and brokerage houses that trade on inside information, that is not available to the rest of us, on a regular basis rather than concentrate on an individual like myself who loves the market, transparency, openness and a level playing field more than most and has never and would never trade on inside information even if it was available to me.
6: I appreciate your interest and if you would like further information or would like any help in this area of the markets I would be only too glad to help you out.
Regards, Darren Rickard
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.
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