Corporations Act 2001

CHAPTER 8 - MUTUAL RECOGNITION OF SECURITIES OFFERS  

PART 8.3 - OFFERS MADE UNDER FOREIGN RECOGNITION SCHEMES  

SECTION 1200U   ASIC STOP ORDER FOR ADVERTISING IN A RECOGNISED JURISDICTION  

1200U(1)   [ Stop order]  

If ASIC is satisfied that:


(a) an offer of securities is being made or has been made in a recognised jurisdiction under a foreign recognition scheme; and


(b) there is a contravention of section 734 or 1018A (as they apply by force of section 1200T ) constituted by conduct in the recognised jurisdiction in relation to the offer;

ASIC may order that no offers, issues, sales or transfers of the securities the subject of the offer be made in the recognised jurisdiction while the order is in force.

1200U(2)   [ Procedure before order is made]  

Before making an order under subsection (1), ASIC must:


(a) hold a hearing; and


(b) give a reasonable opportunity to any interested people to make oral or written submissions to ASIC on whether an order should be made.

1200U(3)   [ Interim order without a hearing]  

If ASIC considers that any delay in making an order under subsection (1) pending the holding of a hearing would be prejudicial to the public interest, ASIC may make an interim order that no offers, issues, sales or transfers of the securities be made while the interim order is in force. The interim order may be made without holding a hearing and lasts for 21 days after the day on which it is made unless revoked before then.

1200U(4)   [ Interim order during a hearing]  

At any time during the hearing, ASIC may make an interim order that no offers, issues, sales or transfers of the securities be made while the interim order is in force. The interim order lasts until:


(a) ASIC makes an order under subsection (1) after the conclusion of the hearing; or


(b) the interim order is revoked;

whichever happens first.

1200U(5)   [ Service of written order]  

An order under subsection (1), (3) or (4) must be in writing and must be served on the person who is ordered not to offer, issue, sell or transfer securities.

1200U(6)   [ Other persons to be informed of order]  

The person on whom the order is served must take reasonable steps to ensure that other people who engage in conduct to which the order applies are aware of the order.

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

1200U(7)   [ Effect of order]  

The person on whom the order is served, or a person who is aware of the order, must not engage in conduct contrary to the order.

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


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.