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 7   Application of amendments

Corporations Act 2001

75   In the appropriate position in Chapter 10

Insert:

Part 10.80 - Application provisions relating to Schedule 1 to the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025

1711A Definitions

In this Part:

amending Schedule means Schedule 1 to the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025.

1711B Foreign listed bodies

(1) Subsection (2) applies if, on the commencement of this section, a person has a substantial holding in a listed body to which item 5 of the table in section 671A applies.

(2) For the purposes of Part 6C.1, the person:

(a) is taken to begin to have that substantial holding on that commencement; and

(b) if, on that commencement, the person is aware, or ought reasonably to be aware, that the person has that substantial holding - is taken to become aware of that situation on that commencement.

(3) Section 671D applies for the purposes of this section in the same way as that section applies for the purposes of Part 6C.1.

1711C Deemed economic interests

(1) This section applies if, on the commencement of this section, a person is taken to have a deemed economic interest in a number of issued securities because of a derivative entered into before that commencement.

(2) To avoid doubt, for the purposes of section 205G and Chapter 6C, the person is taken to begin to have the deemed economic interest on that commencement.

(3) The amendments of section 300 made by Division 4 of Part 2 of the amending Schedule apply in relation to a report for a financial year ending on or after the commencement of this section.

(4) For the purposes of Part 6C.1, if, on that commencement, the person is aware, or ought reasonably to be aware, that the person has the deemed economic interest, the person is taken to become aware that the person has the deemed economic interest on that commencement.

1711D Substantial holding information

(1) Subject to subsection (4), the amendments made by Division 2 of Part 2 of the amending Schedule apply in relation to a situation referred to in subsection 671B(1) (as amended by that Division) that arises on or after the commencement of this section.

(2) For the purposes of section 671BA, if:

(a) before the commencement of this section, a situation referred to in paragraph 671B(1)(a), (b) or (c) (as in force immediately before that commencement) arose; and

(b) on that commencement, a person:

(i) is not aware of that situation; but

(ii) ought reasonably to be aware of that situation;

the person is taken to become aware of that situation on that commencement.

(3) A reference in paragraph 671BG(6)(a) to information previously given under subsection 671B(3) includes a reference to information previously given under subsection 671B(1), as in force before the commencement of this section.

(4) In working out whether a disclosable movement occurs on or after the commencement of this section:

(a) it does not matter whether the last disclosure referred to in subparagraph 671BK(1)(a)(i), (b)(i) or (c)(i) occurred, or was required to occur, before, on or after that commencement; and

(b) it does not matter whether part of the increase or decrease referred to in subparagraph 671BK(1)(a)(ii), (b)(ii) or (c)(ii) occurred before, on or after that commencement; and

(c) a reference in subparagraph 671BK(1)(a)(i) to the person's holding percentage is taken to include a reference to the person's old holding percentage (within the meaning of subsection 671BK(8)).

(5) The amendments of subsection 671C(2) made by Division 2 of Part 2 of the amending Schedule apply in relation to a contravention of section 671B that occurs on or after the commencement of this section.

1711E Tracing beneficial ownership

Disclosure notices given before commencement

(1) The amendments made by Division 3 of Part 2 of the amending Schedule do not apply in relation to a direction (a pre-commencement direction ) given under section 672A before that commencement.

(2) The penalty set out in Schedule 3 to this Act for a contravention of subsection 671B(1), as in force immediately before the commencement of this section, that occurs:

(a) on or after that commencement; and

(b) in relation to a pre-commencement direction;

is taken to be 120 penalty units.

Disclosure notices given on or after commencement

(3) A reference in paragraph 672A(b), as amended by Division 3 of Part 2 of the amending Schedule, to a disclosure under section 672AB is taken to include a reference to a disclosure under section 672B (as in force before the commencement of this section) in response to a pre-commencement direction, whether the disclosure was made before, on or after that commencement.

(4) If:

(a) a member of a company, scheme or fund made a request under subsection 672A(2) before the commencement of this section; and

(b) ASIC did not give a pre-commencement direction in response to the request (other than because ASIC considered it would be unreasonable to do so, as mentioned in subsection 672A(2) as in force before that commencement);

the request has effect, from that commencement, as if it had been made under subparagraph 672B(2)(b)(i), as amended by Division 3 of Part 2 of the amending Schedule.

(5) A reference in paragraph 672B(3)(b), as amended by Division 3 of Part 2 of the amending Schedule, to a disclosure under section 672BA includes a reference to a disclosure under section 672B (as in force before the commencement of this section) in response to a pre-commencement direction, whether the disclosure was made before, on or after that commencement.

(6) To avoid doubt, a reference in subsection 672B(4), as amended by Division 3 of Part 2 of the amending Schedule, to information given under Chapter 6C includes a reference to information given under that Chapter before the commencement of this section.

1711F Registers

(1) Subdivision C of Division 3 of Part 6C.2 applies in relation to information received under that Part on or after 1 January 2005.

(2) To avoid doubt, a register that, immediately before the commencement of this section, was being kept under section 672DA is taken, from that commencement, to be kept under subsection 672DA(3), as amended by Part 3 of the amending Schedule.

(3) An approval of a place by ASIC:

(a) made for the purposes of paragraph 672DA(2)(d), (3)(d) or (3A)(d); and

(b) in force immediately before the commencement of this section;

has effect, from that commencement, as if it had been made for the purposes of paragraph 672DC(1)(d).

(4) A notice lodged with ASIC for the purposes of subsection 672DA(4) before the commencement of this section is taken, from that commencement, to have been lodged for the purposes of subsection 672DC(3).

(5) A regulation:

(a) made for the purposes of subsection 672DA(7); and

(b) in force immediately before the commencement of this section;

has effect, from that commencement, as if it had been made for the purposes of subsection 672DD(3).

(6) An approval:

(a) given under subparagraph 672DA(8)(a)(ii); and

(b) in force immediately before the commencement of this section;

has effect, from that commencement, as if it had been given for the purposes of subparagraph 672DD(5)(a)(ii).

(7) An approval:

(a) given under subparagraph 672DA(8)(b)(ii); and

(b) in force immediately before the commencement of this section;

has effect, from that commencement, as if it had been given for the purposes of subparagraph 672DD(5)(b)(ii).

(8) A regulation:

(a) made for the purposes of subsection 672DA(8); and

(b) in force immediately before the commencement of this section;

has effect, from that commencement, as if it had been made for the purposes of subsection 672DD(6).