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CORPORATIONS ACT 2001 - SECT 675

Continuous disclosure--other disclosing entities--reasonable person's expectations

             (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.

             (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 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.

             (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.

             (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.



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