Corporations Act 2001
View history note
Hide history note[ CCH Note: S 1200S heading will be amended by No 69 of 2020, s 3, Sch 1[1216], by substituting " THE REGISTRAR " for " ASIC " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
If:
(a) a body proposes to make an offer of securities in a recognised jurisdiction under a foreign recognition scheme; and
(b) under the foreign recognition scheme, the offer is to be regulated by the law of this jurisdiction;
the body must lodge with ASIC written notice, in the prescribed form (if any), of its intention to make the offer under the foreign recognition scheme, no later than the time it notifies the recognised jurisdiction of that intention.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
[ CCH Note 1: S 1200S will be amended by No 69 of 2020, s 3, Sch 1[1217] and [ 1218], by inserting " (1) " before " If " and substituting " the Registrar notice " for " ASIC written notice, in the prescribed form (if any), " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
[ CCH Note 2: S 1200S(2) will be inserted by No 69 of 2020, s 3, Sch 1[1219] (effective 1 July 2026 or a day or days to be fixed by Proclamation). S 1200S(2) will read:
1200S(2)
The notice must meet any requirements of the data standards.]
(a) a body proposes to make, or is making, an offer of securities in a recognised jurisdiction under a foreign recognition scheme; and
(b) under the foreign recognition scheme, the offer is to be regulated by the law of this jurisdiction;
this Act applies in the recognised jurisdiction in relation to the offer as if it were an offer being made in this jurisdiction.
1200T(2) [ Exemptions under the regulations]Despite subsection (1), the regulations may:
(a) exempt a person or class of persons from all or specified provisions of this Act as it applies by force of subsection (1); or
(b) exempt a security or a class of securities from all or specified provisions of this Act as it applies by force of subsection (1); or
(c) provide that a provision of this Act as it applies by force of subsection (1) applies with the modifications specified in the regulations.
(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) ).