(1) A person shall not create or cause to be created, or do anything &at is calculated to create a false or misleading appearance of active trading in securities on a stock exchange in the country or a false or misleading appearance with respect to the market for, or &e price of the securities.

(2) A person shall not by means of purchases or sales of securities that do not involve a change in the beneficial ownership of those securities, or by fictitious transactions or devices, maintain, inflate, depress, or cause a fluctuation in the market price of any securities.

(3) Without limiting subsection (1), a person who

(a) effects, takes part in, is concerned in or carries out, directly or indirectly, a transaction of sale or purchase of securities being a transaction that does not involve a change in the beneficial ownership of the securities; or

(b) makes or causes to be made an offer to sell or purchase securities at a specified price where that person has made or caused to be made or purports to make, or knows that a person associated with that person has made or caused to be made or purports to make, an offer to sell or purchase the same number, or substantially the same number of securities at a price that is substantially the same as the specified price; has for the purposes of this section to section 153, created a false or misleading appearance of active trading in securities on a stock exchange.

(4) When prosecuting a person for an act referred to in subsection (3), it is a defence if the defendant establishes that the purpose for which the act was done was not, or did not include, the purpose of creating a false or misleading appearance of active trading in securities on the stock exchange.

(5) A purchase or sale of securities does not involve a change in the beneficial ownership for the purposes of this section if a person who had an interest in die securities before the purchase or sale, or a person associated with that person, acquired an interest in the securities after the purchase or sale.

(6) When prosecuting for an offence under subsection (2) in relation to a purchase or sale of securities that did not involve a charge in the beneficial ownership of those securities, it is a defence if the defendant establishes that die purpose for which the defendant purchased or sold the securities was not, or did not include, the purpose of creating a false or misleading appearance with respect to the market for, or die price of securities.

(7) The reference in subsection (3) to a transaction of sale or purchase of securities includes

(a) a reference to the making of an offer to sell or purchase securities; and

(b) a reference to the making of an invitation, however expressed, that expressly or impliedly invites a person to offer to sell or purchase securities.