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- Dec 17, 2020
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- 119
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- #1
House Vote: 7-1-0
Senate Vote: 5-0-0
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 “Second ICE Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) This Bill was authored by Representative Icypenguin79.
2 - Reasons
(1) There are no regulations on private stock markets.
(2) Insider trading is currently legal.
3 - General Provisions
(1) Private stock exchanges may be regulated by the DEC, as per the rules in section 4.
4 - Regulations
(1) Stock exchanges must pay a $1000 one-time fee if registering as a stock exchange.
(2) 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.
(3) 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.
Senate Vote: 5-0-0
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 “Second ICE Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) This Bill was authored by Representative Icypenguin79.
2 - Reasons
(1) There are no regulations on private stock markets.
(2) Insider trading is currently legal.
3 - General Provisions
(1) Private stock exchanges may be regulated by the DEC, as per the rules in section 4.
4 - Regulations
(1) Stock exchanges must pay a $1000 one-time fee if registering as a stock exchange.
(2) 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.
(3) 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.
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