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- Dec 17, 2020
- Messages
- 119
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- #1
A
BILL
TO
Create Stock Exchange Regulations
The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:
1 - Short Title and Enactment
(1) This Act may be cited as the “Introducing the Creation of Exchanges Act” or as the “ICE Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) This Bill was authored by Representative Icypenguin79.
2 - Reasons
(1) Privatising stock exchanges will ease a burden on the DEC.
(2) Allowing private stock exchanges will allow for a new industry on the server.
(3) Private stock exchanges may innovate how Redmont’s stock exchanges work, potentially making the process of buying/selling shares easier for players.
(4) Insider trading is currently legal.
3 - General Provisions
(1) Allows private citizens to create private stock exchanges.
(2) These exchanges will be regulated by the DEC, as per the rules in section 4.
(3) The DEC may discontinue the DCSX if an active and trusted private exchange is successful. The DCSX will continue operating until then.
4 - Regulations
(1) All private stock exchanges must be registered as a company using the DEC business registration process.
(2) Stock exchanges must pay a $1000 one-time fee to be registered as a stock exchange.
(3) Market manipulation is defined as “any act to artificially inflate or deflate the value of a security for personal gain”. Market manipulation is illegal, with a $5000 fine attached if charged.
(4) Insider trading is defined as “buying or selling a security based on non-public information that would substantially impact a trader’s decision to buy or sell”. Insider trading is illegal, with a $1000 fine for each offence.
BILL
TO
Create Stock Exchange Regulations
The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:
1 - Short Title and Enactment
(1) This Act may be cited as the “Introducing the Creation of Exchanges Act” or as the “ICE Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) This Bill was authored by Representative Icypenguin79.
2 - Reasons
(1) Privatising stock exchanges will ease a burden on the DEC.
(2) Allowing private stock exchanges will allow for a new industry on the server.
(3) Private stock exchanges may innovate how Redmont’s stock exchanges work, potentially making the process of buying/selling shares easier for players.
(4) Insider trading is currently legal.
3 - General Provisions
(1) Allows private citizens to create private stock exchanges.
(2) These exchanges will be regulated by the DEC, as per the rules in section 4.
(3) The DEC may discontinue the DCSX if an active and trusted private exchange is successful. The DCSX will continue operating until then.
4 - Regulations
(1) All private stock exchanges must be registered as a company using the DEC business registration process.
(2) Stock exchanges must pay a $1000 one-time fee to be registered as a stock exchange.
(3) Market manipulation is defined as “any act to artificially inflate or deflate the value of a security for personal gain”. Market manipulation is illegal, with a $5000 fine attached if charged.
(4) Insider trading is defined as “buying or selling a security based on non-public information that would substantially impact a trader’s decision to buy or sell”. Insider trading is illegal, with a $1000 fine for each offence.