Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 (69 of 2023)

Schedule 1   Modernising business communications

Part 1   Documents and meetings under the Corporations Act 2001

Corporations Act 2001

40   After section 641

Insert:

641A Use or disclosure of information obtained from target

(1) A person (the first person ) contravenes this subsection if:

(a) the target gives the bidder information under section 641 in relation to another person; and

(b) the first person:

(i) is the bidder; or

(ii) obtains the information from the bidder (whether directly or indirectly); and

(c) the first person uses or discloses the information; and

(d) the use or disclosure is not for the purposes of sending a document, or otherwise complying with an obligation under this Act, in relation to:

(i) the takeover bid; or

(ii) a compulsory acquisition of securities under Part 6A.1 relating to the takeover bid.

Civil penalty:

(a) for an individual - 2,000 penalty units; and

(b) for a body corporate - 10,000 penalty units.

(2) Subsection (1) does not apply if the use or disclosure is required or permitted by a law of the Commonwealth or a prescribed law of a State or internal Territory.

(3) A person who contravenes subsection (1) is not guilty of an offence.

Note: Subsection (1) is a civil penalty provision (see section 1317E).