| (a) | either for such person’s own account or on behalf of another person, directly or indirectly use or knowingly participate in the use of any manipulative, improper, false or deceptive practice of trading in a security listed on a regulated market, which practice creates or might create— |
| (i) | a false or deceptive appearance of the trading activity in connection with; or |
| (ii) | an artificial price for, |
that security;
| (b) | place an order to buy or sell listed securities which, to his or her knowledge, will, if executed, have the effect contemplated in paragraph (a). |
| (2) | A person who contravenes subsection (1) commits an offence. |
| (3) | Without limiting the generality of subsection (1), the following are deemed to be manipulative, improper, false or deceptive trading practices: |
| (a) | Approving or entering on a regulated market an order to buy or sell a security listed on that market which involves no change in the beneficial ownership of that security; |
| (b) | approving or entering on a regulated market an order to buy or sell a security listed on that market with the knowledge that an opposite order or orders of substantially the same size at substantially the same time and at substantially the same price, have been or will be entered by or for the same or different persons with the intention of creating— |
| (i) | a false or deceptive appearance of active public trading in connection with; or |
| (ii) | an artificial market price for, |
that security;
| (c) | approving or entering on a regulated market orders to buy a security listed on that market at successively higher prices or orders to sell a security listed on that market at successively lower prices for the purpose of unduly or improperly influencing the market price of such security; |
| (d) | approving or entering on a regulated market an order at or near the close of the market, the primary purpose of which is to change or maintain the closing price of a security listed on that market; |
| (e) | approving or entering on a regulated market an order to buy or sell a security listed on that market during any auctioning process or pre-opening session and cancelling such order immediately prior to the market opening, for the purpose of creating or inducing a false or deceptive appearance of demand for or supply of such security; |
| (f) | effecting or assisting in effecting a market comer; |
| (g) | maintaining at a level that is artificial the price for dealing in securities listed on a regulated market; |
| (h) | employing any device, scheme or artifice to defraud any other person as a result of a transaction effected through the facilities of a regulated market; or |
| (i) | engaging in any act, practice or course of business in respect of dealings in securities listed on a regulated market which is deceptive or which is likely to have such effect: |
Provided that the employment of price-stabilising mechanisms that are regulated in terms of the rules or listing requirements of an exchange does not constitute a manipulative, improper, false or deceptive trading practice for the purposes of this section or insider trading for the purposes of sections 73 and 77.
| (4) | A purchase or sale of securities listed on a regulated market does not, for the purposes of subsection (3)(a), involve a change in the beneficial ownership if a person who has a beneficial interest in those securities before the purchase or sale, or a person associated with that person in relation to those securities, directly or indirectly holds a beneficial interest in those securities after the purchase or sale. |
