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

34   Section 672B

Repeal the section, substitute:

672B Disclosure notices

(1) A person mentioned in subsection (2) may direct a person mentioned in subsection (3) to make the disclosure required by section 672BA in relation to a Chapter 6C body.

(2) The direction may be given by:

(a) the key person for the Chapter 6C body; or

(b) ASIC, if:

(i) a member of the Chapter 6C body requests ASIC to give the direction; and

(ii) ASIC does not consider that it would be unreasonable to give the direction.

(3) The direction may be given to:

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

(b) a person named in a previous disclosure under section 672BA, or in information given to the key person for the Chapter 6C body under section 672C, as:

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

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

(c) a person whom:

(i) if paragraph (2)(a) of this section applies - the key person for the Chapter 6C body; or

(ii) if paragraph (2)(b) applies - the member who makes the request mentioned in subparagraph (2)(b)(i);

suspects, on reasonable grounds:

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

(iv) has given instructions about voting securities in the Chapter 6C body.

(4) For the purposes of paragraph (3)(c) of this section, the suspicion must be formed wholly or partly on the basis of information given under this Chapter.

672BA Compliance with direction

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

(2) The discloser must, in accordance with section 672BB, disclose to the person who gives the direction the information required by section 672BC.

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.

(4) The discloser does not have to comply with the direction if:

(a) paragraph 672B(2)(a) applies (the direction is given by the key person for the Chapter 6C body); and

(b) the discloser proves that the giving of the direction is vexatious.

Note: A defendant bears a legal burden in relation to the matter in this subsection: see section 13.4 of the Criminal Code.

672BB Deadline for disclosure

For the purposes of subsection 672BA(2), a person (the discloser ) who is directed under subsection 672B(1) 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; or

(c) if paragraph 672B(2)(a) applies (the direction is given by the key person for the Chapter 6C body) - the key person for the Chapter 6C body pays any fee payable under the regulations made for the purposes of subsection 672D(2).