Corporations Act 2001

CHAPTER 6CA - CONTINUOUS DISCLOSURE  

SECTION 674   CONTINUOUS DISCLOSURE - LISTED DISCLOSING ENTITY BOUND BY A DISCLOSURE REQUIREMENT IN MARKET LISTING RULES - REASONABLE PERSON ' S EXPECTATIONS  

Obligation to disclose in accordance with listing rules

674(1)    
Subsection (2) applies to a listed disclosing entity if provisions of the listing rules of a listing market in relation to that entity require the entity to notify the market operator of information about specified events or matters as they arise for the purpose of the operator making that information available to participants in the market.

674(2)    
If:

(a)    this subsection applies to a listed disclosing entity; and

(b)    the entity has information that those provisions require the entity to notify to the market operator; and

(c)    

the information is not generally available; and

(d)    

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;

the entity must notify the market operator of that information in accordance with those provisions.

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Note 2: (Repealed)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 .

674(2A)    
(Repealed by No 82 of 2021, s 3, Sch 2[5] (effective 14 August 2021).)

674(2B)    
(Repealed by No 82 of 2021, s 3, Sch 2[5] (effective 14 August 2021).)

674(3)    
For the purposes of the application of subsection (2) to a listed disclosing entity that is an undertaking to which interests in a registered scheme relate, the obligation of the entity to notify the market operator of information is an obligation of the responsible entity.

674(3A)    
For the purposes of the application of subsection (2) to a listed disclosing entity that is an undertaking to which interests in a notified foreign passport fund relate, the obligation of the entity to notify the market operator of information is an obligation of the operator of the fund.

674(4)    
Nothing in subsection (2) is intended to affect or limit the situations in which action can be taken (otherwise than by way of a prosecution for an offence based on subsection (2) ) in respect of a failure to comply with provisions referred to in subsection (1) .

Obligation to make provisions of listing rules available

674(5)    
If the listing rules of a listing market in relation to a listed disclosing entity contain provisions of a kind referred to in subsection (1) , the market operator must ensure that those provisions are available, on reasonable terms, to:

(a) the entity; or

(b) if the entity is an undertaking to which interests in a registered scheme relate - the undertaking's responsible entity; or

(c) if the entity is an undertaking to which interests in a notified foreign passport fund relate - the operator of the fund.

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

Note 2: This subsection is not a civil penalty provision, as it is not listed in the table in subsection 1317E(3) .