Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025 (72 of 2025)

Schedule 1   Disclosure of information about ownership of listed entities

Part 2   Substantial holding information and tracing beneficial ownership (including deemed economic interests)

Division 3   Tracing beneficial ownership

Corporations Act 2001

31   Section 672A

Repeal the section, substitute:

672A Disclosure notices

ASIC may direct:

(a) a member of a Chapter 6C body; or

(b) a person named in a previous disclosure under section 672AB as:

(i) having a relevant interest in voting securities in a Chapter 6C body; or

(ii) having given instructions about voting securities in a Chapter 6C body; or

(c) a person whom ASIC suspects, on reasonable grounds:

(i) has a relevant interest in voting securities in a Chapter 6C body; or

(ii) has given instructions about voting securities in a Chapter 6C body; or

(iii) is an associate of a person to whom subparagraph (i) or (ii) applies in relation to voting securities in the Chapter 6C body; or

(d) a person named in a previous disclosure under section 672AB as:

(i) having a deemed economic interest in a number of voting securities of a particular class in a Chapter 6C body; or

(ii) having given instructions about derivatives relating to a Chapter 6C body; or

(e) a person whom ASIC suspects, on reasonable grounds:

(i) has a deemed economic interest in a number of voting securities of a particular class in a Chapter 6C body; or

(ii) has given instructions about derivatives relating to a Chapter 6C body; or

(iii) is an associate of a person to whom subparagraph (i) or (ii) applies in relation to voting securities of a particular class in the Chapter 6C body;

to make the disclosure required by section 672AB in relation to the Chapter 6C body.

672AA Service of disclosure notices

(1) Without limiting section 672A, ASIC may give a direction under that section by:

(a) sending the direction by:

(i) pre-paid post; or

(ii) pre-paid courier service;

to an address that it is reasonable for ASIC to send the direction to; or

(b) emailing the direction to an email address that it is reasonable for ASIC to email the direction to.

(2) If:

(a) ASIC gives a direction to a person in the way described in paragraph (1)(a) of this section; and

(b) the direction specifies a way for the person to notify ASIC that the person has received the direction; and

(c) ASIC does not, during the 21 days starting on the day ASIC posts the direction or gives it to the courier, receive a notification from the person, in that specified way, that the person has received the direction;

the person is taken to receive the direction on the last of those 21 days, unless it is proved that the person received the direction earlier.

(3) If:

(a) ASIC emails a direction to a person in the way described in paragraph (1)(b); and

(b) the direction specifies a way for the person to notify ASIC that the person has received the direction; and

(c) ASIC does not, during the 7 days starting when ASIC emails the direction, receive a notification from the person, in that specified way, that the person has received the direction;

the person is taken to receive the direction on the last of those 7 days, unless it is proved that the person received the direction earlier.

672AB Compliance with direction

(1) This section applies if a person (the discloser ) is directed under section 672A to make the disclosure required by this section in relation to a Chapter 6C body.

(2) The discloser must, in accordance with sections 672AC and 672AF, disclose to ASIC the information required by section 672AD.

Note: Failure to comply with this subsection is an offence: see subsection 1311(1).

(3) An offence based on subsection (2) of this section is an offence of strict liability.

672AC Deadline for disclosure

For the purposes of subsection 672AB(2), a person (the discloser ) who is directed under section 672A to make a disclosure in relation to a Chapter 6C body must make the disclosure within 2 business days after:

(a) the discloser is given the direction; or

(b) if:

(i) the discloser applies for an exemption under section 673 from the obligation to make the disclosure; and

(ii) ASIC refuses to grant the exemption;

ASIC notifies the discloser of its decision on the application.