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Is Macrobusiness operating illegally?; ASIC and Internet Discussion Sites (IDS) - Regulatory Guide 162
Topic Started: 28 Apr 2012, 02:02 PM (6,039 Views)
Strindberg
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Rastus2
30 Apr 2012, 12:18 AM
yawn...


Your search - ASIC Regulatory Guide 162 site:christopherjoye.blogspot.com - did not match any documents.


pot, kettle, black.
AFAIK Chris Joye doesn't operate an IDS.
Regulatory Guide 162 therefore has no relevance to him.
Housing costs to Income broadly unchanged since 1994 - re-ratified here
The People of Australia have the highest median wealth in the World
2002-2012 10 year house price growth the SLOWEST since 1952-1962
"There are two kinds of people in this world: ones that fiddle around wondering whether a thing's right or wrong and guys like us." (Hugo to Gagin in Ride the Pink Horse)
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Shooter McGavin
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Well, Real Estate is a hobby of mine
I think the jb hi-fi debarcle should be dropped, its been cited enough times, and chris becker did man up an admitted he was off the mark. Which i couldn't see some people on here doing
Damn you people. Go back to your shanties
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Rastus2
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Strindberg
30 Apr 2012, 12:23 AM
AFAIK Chris Joye doesn't operate an IDS.
Regulatory Guide 162 therefore has no relevance to him.

What we mean by ‘internet discussion sites’
1 By the term ‘internet discussion sites’ (IDSs), we mean internet websites,
such as web-based bulletin boards, ‘blogs’, or chat rooms, that provide a
forum for people who are not financial services professionals to display
information, recommendations and opinions about financial products. People
generally register their details with an IDS, which allows them to then ‘post’
material on the IDS that can be viewed by other people.


Blogs count.
Did CJ ever let people post in the past ? (He certainly has allowed others to have their letters and opinions in the past).


The whole thrust of this seems to be that if the poster (CJ in this example) has an identity that has been somehow matched to a real world identity which has credibility in the financial world, their posts must fall under some set of rules governing their actions.

I doubt CJ or almost any other poster/blogger with financial credibility would simply escape without being regulated in some fashion.

Anyway, let us know how you get on with ASIC.
Shadow - Defrauded his Bank ? 2015 I have 9 different loans and my bank had no idea which ones were personal and which were investment. They had half of them classed incorrectly. When this change came in they asked me to tell them if any personal loans were incorrectly classed as investment, which I did, and they switched them to personal for the lower rate. They also had a couple of investment loans incorrectly classed as personal. They didn't ask me about those. So they stay on the lower rate too. Worked out pretty well. :)
Shadow - 2008 Sydney Median House Price 1.25M by 2014-2015

Shadow : I think this boom has already begun in several cities. My prediction :
Peak of boom: 2014-2015. Sydney Median Price: $1,250,000 Bottom of bust: 2017-2018. Sydney Median Price: $1,100,000

Shadow's Original 2010 House Boom and Crash prediction http://s836.photobucket.com/user/rastus22/media/shady-orig-2010-chart.png.html?sort=3&o=0

Shadow's attempt to edit his 2010 chart in 2015 and replace it with one that does not show a crash in 2013 http://s836.photobucket.com/user/rastus22/media/Screen%20Shot%202015-06-06%20at%207.12.52%20pm_1.png.html
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Rastus2
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Strindberg
30 Apr 2012, 12:23 AM
AFAIK Chris Joye doesn't operate an IDS.
Regulatory Guide 162 therefore has no relevance to him.
lets try this...

ASIC Regulatory Guide 162 site:http://somersoft.com/

1 result (0.34 seconds)

Are you in danger of giving financial advice? - Somersoft Property ...
somersoft.com/forums/showthread.php?t=73860
9 Sep 2011 – There's also an interesting paper here on IDS (Internet Discussion Sites) by ASIC Regulatory Guide 162. Quote: ...




Someones post from 2011... I doubt Somersoft has considered the topic any more than many other forums strindberg.

While you are filling out the complaint for Macrobusinss, want to add somersoft to the list ?
Or perhaps you'll just let them slide by eh ? :wink:

Shadow - Defrauded his Bank ? 2015 I have 9 different loans and my bank had no idea which ones were personal and which were investment. They had half of them classed incorrectly. When this change came in they asked me to tell them if any personal loans were incorrectly classed as investment, which I did, and they switched them to personal for the lower rate. They also had a couple of investment loans incorrectly classed as personal. They didn't ask me about those. So they stay on the lower rate too. Worked out pretty well. :)
Shadow - 2008 Sydney Median House Price 1.25M by 2014-2015

Shadow : I think this boom has already begun in several cities. My prediction :
Peak of boom: 2014-2015. Sydney Median Price: $1,250,000 Bottom of bust: 2017-2018. Sydney Median Price: $1,100,000

Shadow's Original 2010 House Boom and Crash prediction http://s836.photobucket.com/user/rastus22/media/shady-orig-2010-chart.png.html?sort=3&o=0

Shadow's attempt to edit his 2010 chart in 2015 and replace it with one that does not show a crash in 2013 http://s836.photobucket.com/user/rastus22/media/Screen%20Shot%202015-06-06%20at%207.12.52%20pm_1.png.html
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Strindberg
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Shooter McGavin
30 Apr 2012, 07:53 AM
I think the jb hi-fi debarcle should be dropped, its been cited enough times, and chris becker did man up an admitted he was off the mark. Which i couldn't see some people on here doing
Link?
The main issue here is not that Chris Becker and his pal's advice has turned out to be costly.
The issue is that he should never have offered his views on an IDS in his capacity as a Director of Empire Investing.
Housing costs to Income broadly unchanged since 1994 - re-ratified here
The People of Australia have the highest median wealth in the World
2002-2012 10 year house price growth the SLOWEST since 1952-1962
"There are two kinds of people in this world: ones that fiddle around wondering whether a thing's right or wrong and guys like us." (Hugo to Gagin in Ride the Pink Horse)
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Shooter McGavin
Member Avatar
Well, Real Estate is a hobby of mine
: JB Hi Fi was my worst call by far.  I still think it’s the best retailer in the country but I understated the macro viewpoint. 
Damn you people. Go back to your shanties
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Shadow
Member Avatar
Evil Mouzealot Specufestor

Rastus2
30 Apr 2012, 08:34 AM
Did CJ ever let people post in the past ? (He certainly has allowed others to have their letters and opinions in the past).

The whole thrust of this seems to be that if the poster (CJ in this example) has an identity that has been somehow matched to a real world identity which has credibility in the financial world, their posts must fall under some set of rules governing their actions.
As far as I know, CJ isn't a licensed financial advisor, and even if he was, he doesn't give advice about specific shares on his blog.

So I don't really see the relevance?

On the other hand, some of the people who run Macrobusiness appear to be licensed finance professionals, and they do give advice on specific shares.

Big difference.
Edited by Shadow, 30 Apr 2012, 09:50 AM.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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ajGold
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Shadow
30 Apr 2012, 09:48 AM
As far as I know, CJ isn't a licensed financial advisor, and even if he was, he doesn't give advice about specific shares on his blog.

So I don't really see the relevance?
As previously stated, it is all irrelevant given the disclaimers.

However, I'm sure ASIC would take much more interest in any possible questionable posting activities of Christopher Joye rather than MB, considering that he:

  • has an established influence within the housing sector
  • has established political channels
  • writes mainstream articles, and cowrites with major financial players such as YBR's Bouris
  • has an index listed on the ASX

I too would be interested to see how you go with ASIC.
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Strindberg
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ajGold
30 Apr 2012, 11:41 AM
As previously stated, it is all irrelevant given the disclaimers.
Not according to ASIC.
Quote:
 
RG 162.35 If a licensee operates an IDS, users may be prone to
regard it as part of the securities business the licensee carries on. They
may therefore treat it differently from an IDS operated by someone
who is not a licensed adviser or dealer. We do not think that the
warnings and disclosures in our guidelines are sufficient to minimise
the risk that people using the IDS will regard it as a licensed activity.
For example, postings made by a licensee, whether as an original
contribution or as a comment on other postings, will tend to have an
authority different from that of other postings. This means they should
attract the obligations that apply to the holder of a licence.

RG 162.36 In our view, therefore, it is not appropriate to allow
licensees to operate IDS except as a licensed activity
Housing costs to Income broadly unchanged since 1994 - re-ratified here
The People of Australia have the highest median wealth in the World
2002-2012 10 year house price growth the SLOWEST since 1952-1962
"There are two kinds of people in this world: ones that fiddle around wondering whether a thing's right or wrong and guys like us." (Hugo to Gagin in Ride the Pink Horse)
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raveswei
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This forum is turning into endless troll where Rismark employees are trying to ruin growing reputation of macrobusiness.

Australian properties are not main issue for the spruikers anymore. Most of topics are not related to properties at all and even when somebody starts a relevant topic it quickly gets trolled by Rismark crew.
http://popping-bubble.blogspot.com/

Thinking of an Australian property speculator (PI):
Inaction = missing opportunities.
Missing opportunities = losing.
Too much thinking = inaction.
Thinking = missing opportunities.
Therefore thinking = losing.

disgraceful little man Frank Castle owes a house to Salvation Army

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