(1) Except in accordance with regulations made by the Minister, on the recommendation of the Commission, a person shall not sell any listed securities which that person or that person's principal does not own either for that person's own account or for the account of another person.
(2) For the purposes of subsection (1) a person who sells securities includes a person who—
(a) purports to sell the securities;
(b) offers to sell the securities;
(c) holds himself or herself out as entitled to sell the securities; or
(d) instructs a broker to sell the securities.
(3) For the purposes of subsection (1), a person is treated as owning securities only if that person—
(a) or his or her agent is legally entitled to the securities;
(b) has purchased the securities, or has entered into an unconditional contract to purchase the securities, even if he or she does not yet have title to them;
(c) owns other securities convertible into or exchangeable for the securities and has tendered the other securities for conversion or exchange;
(d) has an option to acquire the securities and has exercised the option; or
(e) has rights or warrants to subscribe to the securities and has exercised the rights or warrants,
and that person or that person's agent has received or will receive a fixed or currently ascertainable amount of the securities at a fixed or currently ascertainable price.
(4) A person who contravenes subsection (1) commits an offence and is liable on summary conviction—
(a) in the case of an individual, to a fine of $200,000 or to imprisonment for 3 years or to both;
(b) in the case of a company, to a fine of $400,000.