Corporations Act 2001
This section applies to: (a) a listed disclosing entity if:
(i) there is only one listing market in relation to the entity and the listing rules of that market do not contain provisions of a kind referred to in subsection 674A(1) ; or
(b) an unlisted disclosing entity. 675A(2)
(ii) there is more than one listing market in relation to the entity and none of those markets have listing rules that contain provisions of a kind referred to in subsection 674A(1) ; or
If: (a) the disclosing entity becomes aware of information that is not generally available; and (b) the entity knows, or is reckless or negligent with respect to whether, the information would, if it were generally available, have a material effect on the price or value of ED securities of the entity; and (c) either:
(i) if those securities are not managed investment products or foreign passport fund products - the information is not required to be included in a supplementary disclosure document or a replacement disclosure document in relation to the entity; or
(d) regulations made for the purposes of this paragraph do not provide that disclosure under this section is not required in the circumstances;
(ii) if those securities are managed investment products or foreign passport fund products - the information has not been included in a Product Disclosure Statement, a Supplementary Product Disclosure Statement, or a Replacement Product Disclosure Statement, a copy of which has been lodged with ASIC; and
the disclosing entity must, as soon as practicable, lodge a document with ASIC containing the information.
Note 2: This subsection is a financial services civil penalty provision (see section 1317E ). As a result, compensation orders are available for contraventions of this subsection (see section 1317HA ). For relief from liability relating to this subsection, see section 1317S .
Note 3: This subsection does not create an offence (see subsection 1311(1A) ).
[ CCH Note: S 675A(2) will be amended by No 82 of 2021, s 3, Sch 2 and [ 57], by substituting " the Registrar " for " ASIC " in para (c)(ii) and " the Registrar containing the information. The notice must meet any requirements of the data standards. " for " ASIC containing the information. " , (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
A person who is involved in a disclosing entity ' s contravention of subsection (2) contravenes this subsection.
Note 1: This subsection is a financial services civil penalty provision (see section 1317E ). As a result, compensation orders are available for contraventions of this subsection (see section 1317HA ). For relief from liability relating to this subsection, see section 1317S .
Note 2: Section 79 defines involved .675A(4)
A person does not contravene subsection (3) if the person proves that the person: (a) took all steps (if any) that were reasonable in the circumstances to ensure that the disclosing entity complied with its obligations under subsection (2) ; and (b) after doing so, believed on reasonable grounds that the disclosing entity was complying with its obligations under that subsection. 675A(5)
For the purposes of this section, subsections 675(3) and (4) apply as if each reference in those subsections to subsection 675(2) were replaced by a reference to subsection (2) of this section. 675A(6)
Subsection 1317QB(1) (state of mind) does not apply in relation to subsections (2) and (3) of this section.