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Section 52 Trade Practices and Dealings in Securities

Date:

Sunday, 1 September 1996

Content ID:

289

Abstract:

The Corporations Law imposes a positive disclosure obligation and specific liability for fundraising and takeovers. Concern has been expressed in recent years that section 52 of the Trade Practices Act 1974 conflicts with this regime. The same issue arises with the provisions of the State and Territory Fair Trading Acts corresponding to section 52.

In June 1995, the Corporations Law Simplification Task Force was asked to report on the application of section 52 of the Trade Practices Act to prospectuses and other aspects of dealings in securities. The Task Force was asked to prepare this report because of the particular relevance of the issue to its work on the fundraising and takeover provisions of the Corporations Law.

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