Corporations Act 2001
Modifying legislative instruments: The application of Ch 6C is affected by the following legislative instruments that commenced on or after 1 January 2022: the ASIC Corporations (Warrants: Relevant Interests and Associations) Instrument 2023/687; and the ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147.
For legislative instruments or class orders before 1 January 2022 that affect the application of Ch 6C, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
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
(c) the name and address of each person who has given the person instructions about:
(ii) the circumstances that give rise to the other person ' s interest; and
(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
together with full details of those instructions (including the date or dates on which they were given).
(iii) any other matter relating to the shares or interests;
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.
Modifying legislative instruments: Section 672B is modified by the following legislative instruments that commenced on or after 1 January 2022: the ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147.
For modifying legislative instruments or class orders before 1 January 2022, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
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