I have poured over the ASIC guidelines regarding internet disccusion sites (specifically ASIC Interim Policy Statement 162) and I would like to outline how I think they pertain to the operation of ASF. The ASIC guidelines have clearly been formulated to ensure that everyone is informed about the inherent risks in acting on information presented in posts on sites such as ASF. I am sure we can all agree that this is a good thing.
It also outlines the responsibilities of posters and those contributing content to internet discussion sites. It emphasizes that posters must ensure that the information presented in their posts is accurate and true to the best of their knowledge and that they don't deliberately set out to deceive or mislead others. Again, I think that is fair enough.
ASIC's explanation of its internet discussion site policy:
As a final word, all I can really suggest is to simply be responsible about what you post in a public forum such as ASF. But I think that goes without saying and is simple common sense. I don't think there is any reason to be overly worried about these particular regulations as they are there simply to ensure that people reading posts are informed of the risks and those posting are aware of their responsibilities. Personally, I think we qualify as one of the most informed and responsible stockmarket forums around. If you are still concerned, I would simply add an appropriate disclaimer to your signature to make it clear that none of your posts constitute financial advice and that the content of your posts are true and accurate to the best of your knowledge.[IPS 162.9] Our policy is a balance between three public policy
(a) the value in people being able to communicate freely with one
(b) the value in permitting an inexpensive and easy way for consumers
to better inform themselves about securities and developments in
securities markets; and
(c) the need to promote consumer protection and market integrity by
minimising the risk that IDS may be used for market manipulation,
insider trading and other abuses, or allow people to take advantage
The following information will be permanently added to the Aussie Stock Forums Rules that everyone agrees to at registration, the ASF posting guidelines and the Code of Conduct.
You can find of full text of ASIC interim policy statement 162 here: http://www.asic.gov.au/asic/asic.nsf...&key=ps162_pdfPOSITION OF AUSSIE STOCK FORUMS
Aussie Stock Forums complies with ASIC Interim Policy Statement 162 regarding Internet Discussion Sites.
Aussie Stock Forums is not a provider of financial advice.
Aussie Stock Forums does not in any way endorse the views and opinions of it's members, nor does it vouch for for the accuracy or authenticity of their posts.
Posts on Aussie Stock Forums may contain hyperlinks to other websites operated by third parties. These websites are not under the control of Aussie Stock Forums and ASF is not responsible for their content.
RESPONSIBILITIES OF POSTERS
It is not permitted for any Aussie Stock Forums member to post in the role of a licensed financial adviser or to post as the representative of a financial adviser.
Aussie Stock Forums members are solely responsible for the accuracy and authenticity of their posts, including any alterations made to posts.
It is not permitted for Aussie Stock Forums members to ask for specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.
INFORMATION FOR THOSE READING POSTS ON ASF
Posts made on Aussie Stock Forums do not constitute financial advice and do not take into account the invididual circumstances and needs of particular investors. Before acting on the basis of any information presented in a post on Aussie Stock Forums you should:
(i) consider consulting a licensed adviser (ASICís website at
www.asic.gov.au has a list of licensed advisers); and
(ii) visit ASICís consumer website at www.watchdog.asic.gov.au
for general guidance about investing;
Any member found to be deliberately posting misleading or deceptive information, or carrying out illegal or unauthorized activities, will have their ASF account terminated without notice and any offending posts removed immediately.
If you have good reason to suspect that any posts are inaccurate, are based on inside information or are likely to mislead or deceive people who view or use the postings please contact Aussie Stock Forums management at email@example.com and appropriate action will be taken.
Because of the nature of the internet, it may be hard to identify or locate the person making a posting. The person may also be in an overseas jurisdiction, so it may be hard to take any legal action against them.
You will have no access to ASIC-approved dispute resolution schemes to recover any losses you may suffer by relying on posts on ASF.
Please feel free to discuss the issue in this thread.