Corporations Act 2001

CHAPTER 6CA - CONTINUOUS DISCLOSURE  

SECTION 675   CONTINUOUS DISCLOSURE - OTHER DISCLOSING ENTITIES - REASONABLE PERSON ' S EXPECTATIONS  

675(1)    
This section applies to:

(a)    a listed disclosing entity if:

(i) there is only one listing market in relation to the entity and the listing rules of that market do not contain provisions of a kind referred to in subsection 674(1) ; or

(ii) there is more than one listing market in relation to the entity and none of those markets have listing rules that contain provisions of a kind referred to in subsection 674(1) ; or

(b)    an unlisted disclosing entity.

675(2)    

If:

(a)    

the disclosing entity becomes aware of information that is not generally available; and

(b)    

a reasonable person would expect the information, if it were generally available, to have a material effect on the price or value of ED securities of the entity; and

(c)    

either:

(i) if those securities are not managed investment products or foreign passport fund products - the information is not required to be included in a supplementary disclosure document or a replacement disclosure document in relation to the entity; or

(ii) if those securities are managed investment products or foreign passport fund products - the information has not been included in a Product Disclosure Statement, a Supplementary Product Disclosure Statement, or a Replacement Product Disclosure Statement, a copy of which has been lodged with ASIC; and

(d)    regulations made for the purposes of this paragraph do not provide that disclosure under this section is not required in the circumstances;

the disclosing entity must, as soon as practicable, lodge a document with ASIC containing the information.

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

Note 2: (Repealed)

Note 3: An infringement notice may be issued for an alleged contravention of this subsection, see section 1317DAC .

Note 4: Subsection (2) has an extended operation in relation to disclosing entities that have made recognised offers of securities under Chapter 8 (see section 1200K ).

Note 5: Subsection (2) has a modified operation in relation to securities in a CCIV: see section 1240F .

675(2A)    
(Repealed by No 82 of 2021, s 3, Sch 2[12] (effective 14 August 2021).)

675(2B)    
(Repealed by No 82 of 2021, s 3, Sch 2[12] (effective 14 August 2021).)

675(3)    
For the purposes of the application of this section to a disclosing entity that is an undertaking to which interests in a registered scheme relate:

(a)    the entity is aware of information if, and only if, the responsible entity is aware of the information; and

(b)    the obligation of the entity to lodge a document under subsection (2) is an obligation of the responsible entity.

675(4)    
For the purposes of the application of this section to a disclosing entity that is an undertaking to which interests in a notified foreign passport fund relate:

(a)    the entity is aware of information if, and only if, the operator of the fund is aware of the information; and

(b)    the obligation of the entity to lodge a document under subsection (2) is an obligation of the operator of the fund.