Corporations Act 2001

CHAPTER 6C - INFORMATION ABOUT OWNERSHIP OF LISTED COMPANIES, LISTED REGISTERED SCHEMES AND LISTED NOTIFIED FOREIGN PASSPORT FUNDS  

PART 6C.2 - TRACING BENEFICIAL OWNERSHIP OF SHARES  

SECTION 672B   DISCLOSURE BY MEMBER OF RELEVANT INTERESTS AND INSTRUCTIONS  

672B(1)    

A person given a direction under section 672A must disclose to the person giving the direction:

(a)    full details of their own relevant interest in the shares, interests in the scheme or interests in the fund and of the circumstances that give rise to that interest; and

(b)    the name and address of each other person who has a relevant interest in any of the shares or interests together with full details of:

(i) the nature and extent of the interest; and

(ii) the circumstances that give rise to the other person ' s interest; and

(c)    the name and address of each person who has given the person instructions about:

(i) the acquisition or disposal of the shares or interests; or

(ii) the exercise of any voting or other rights attached to the shares or interests; or

(iii) any other matter relating to the shares or interests;

together with full details of those instructions (including the date or dates on which they were given).

672B(1A)    

However, a matter referred to in paragraph (1)(b) or (c) need only be disclosed to the extent to which it is known to the person required to make the disclosure.

Note: A defendant bears an evidential burden in relation to the matter in subsection (1A), see subsection 13.3(3) of the Criminal Code .

672B(1B)    

An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .

672B(2)    
The disclosure must be made within 2 business days after:

(a)    the person is given the direction; or

(b)    if the person applies for an exemption under section 673 from the obligation to make the disclosure and ASIC refuses to grant the exemption - ASIC notifies the person of its decision on the application; or

(c)    if the direction is given by a listed company, the responsible entity of a listed registered scheme or the operator of a listed notified foreign passport fund - the company, responsible entity or operator pays any fee payable under the regulations made for the purposes of section 672D .

672B(3)    
The person does not have to comply with a direction given by the company, responsible entity or operator if the person proves that the giving of the direction is vexatious.