Corporations Legislation Amendment (Simpler Regulatory System) Act 2007 (101 of 2007)

Schedule 1   Amendments

Part 3   Amendments commencing on Proclamation

Corporations Act 2001

213   Subsection 739(1)

Repeal the subsection, substitute:

Power to make orders

(1) This section applies if ASIC is satisfied that:

(a) information in a disclosure document lodged with ASIC is not worded and presented in a clear, concise and effective manner (see section 715A); or

(b) an offer of securities under a disclosure document lodged with ASIC would contravene section 728; or

(c) an advertisement or publication of a kind referred to in subsection 734(5) or (6) that relates to securities is defective (see subsection (6) of this section).

(1A) ASIC may order that:

(a) if paragraph (1)(a) or (b) applies - no offers, issues, sales or transfers of the securities be made while the order is in force; or

(b) if paragraph (1)(c) applies - specified conduct in respect of the securities to which the advertisement or publication relates must not be engaged in.

(1B) An order under paragraph (1A)(b) may include a statement that specified conduct engaged in contrary to the order will be regarded as not complying with the requirements of a specified provision of this Chapter.