CORPORATIONS ACT 2001 No. 50, 2001 - SECT 779 Qualified privilege

Commonwealth Numbered Acts

Qualified privilege

(1) In this section:

"delisting or suspension decision" means a decision by a securities exchange:

(a): whether or not to remove an entity from an official list of the exchange; or
(b): whether or not to stop or suspend quotation of securities on a stock market of the exchange.

"disciplinary proceeding", in relation to a securities exchange, means:

(a): a proceeding under the business rules of the securities exchange that may result in the disciplining of a member of the securities exchange; or
(b): an appeal under the business rules of the securities exchange from a proceeding of a kind referred to in paragraph (a).

"disciplining", in relation to a member of a securities exchange, includes expulsion from, or suspension of, membership of the securities exchange.

"information" means information given orally, in a document or otherwise.

"listed entity", in relation to a securities exchange, means an entity included in an official list of the exchange.

"member", in relation to a securities exchange, includes a person who is under an obligation to comply with or enforce the business rules of the securities exchange.

(2) A securities exchange, or a member, officer or employee of a securities exchange, has qualified privilege in respect of a statement made by a person, orally or in writing, in the course of, or otherwise for the purposes of or in connection with, a disciplinary proceeding of the securities exchange. (3) Where:

(a): an Exchange subsidiary is acting on behalf of the Exchange; or
(b): an officer or employee of an Exchange subsidiary is acting on behalf of the Exchange or of a member, officer or employee of the Exchange;

in connection with a disciplinary proceeding of the Exchange, the Exchange subsidiary and an officer or employee of the Exchange subsidiary have qualified privilege in respect of a statement made by a person, orally or in writing, in the course of, or otherwise for the purposes of or in connection with, the disciplinary proceeding.

(4) A person has qualified privilege in respect of the publication of:

(a): a statement made by a person, orally or in writing, in the course of, or otherwise for the purposes of or in connection with; or
(b): a document prepared, given or produced by a person, in the course of, or otherwise for the purposes of or in connection with;

(5) A securities exchange has qualified privilege in respect of the publication of information, or a document, given to the exchange by a listed entity under a provision of this Act or of the exchange's rules. (6) Subsection (5) does not apply if:

(a): this Act, or the exchange's rules, as the case may be, expressly or impliedly authorised the entity to limit the purposes for which it gave the information or document to the exchange; and
(b): when giving the information or document, the entity limited those purposes as so authorised; and
(c): the publication is not solely for one or more of the limited purposes.

(7) A securities exchange has qualified privilege in respect of the publication of:

(a): information about a request by the exchange to a listed entity for information in relation to compliance by the entity with, or a contravention by the entity of, this Act or the exchange's rules; or
(b): information, or a document, given to the exchange by a listed entity in response to such a request.

(8) A securities exchange has qualified privilege in respect of the publication of:

(a): an oral or written statement describing a delisting or suspension decision or the reasons for, or action taken because of, such a decision; or
(b): an oral or written statement to the effect that the exchange is considering whether to make such a decision; or
(c): information given, or a document prepared, given or produced, by a person (whether an officer of the exchange or not) in the course of, for the purposes of, or otherwise in connection with, the exchange making such a decision.

(a): that is done in the course of performing functions or exercising powers as an officer of the exchange; and
(b): in respect of which the exchange would have qualified privilege under subsection (5), (7) or (8) if it had done the act.

(10) Nothing in this section limits the generality of anything else in it.

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