Corporations Act 2001
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Hide history note(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) ).
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