134. Fraudulently inducing trading in securities.

— A person shall commit an offence, if he induces or attempts to induce another person to subscribe for, sell or purchase securities

(a) by making or publishing any statement, promise or forecast or giving any investment advice that is false, misleading or deceptive;

(b) by any concealment of material facts; or

(c) by recording or storing in or by means of, any mechanical, electrical or other device, information that is false or misleading in a material particular.

136. False or misleading statement inducing securities transactions

(1) A person shall commit an offence if he, directly or indirectly, for the purpose of inducing the subscription for, sale or purchase of securities by others, of any listed company or to maintain, increase, reduce or stabilise the price of its securities, makes with respect to those securities or with respect to the operations or the past or future performance of the company –

(a) any statement or disseminates information through the media which is, at the time and in light of the circumstances in which it is made, false or misleading with respect to any material fact and which he knows or has reasonable grounds to believe to be false or misleading; or

(b) any statement or disseminates information through the media which is, by reason of the omission of a material fact, rendered false or misleading and which he knows or has reasonable grounds to believe is rendered false or misleading by reason of omission of that fact.

(2) A person commits an offence if he, directly or indirectly, takes advantage of occasional or regular access to the traditional or electronic media by voicing an opinion about securities while having previously taken positions on that securities, without having simultaneously disclosed that conflict of interest to the public in a proper and effective way.