Submissions: CLERP (Audit Reform and Corporate Disclosure) Bill 2003 Draft Due Diligence Defence |
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Date: |
Wednesday, 16 June 2004 | ||
Content ID: |
848 | ||
Abstract: |
Proposed subsections 674(2A) and 675(2A) of the Corporations Act 2001 (see Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Bill 2003) provide for civil penalties to be imposed on individuals involved in a contravention by a disclosing entity of the continuous disclosure provisions.
During the debate on the Bill in the House of Representatives, the Treasurer indicated that the Government intended moving in the Senate an amendment to introduce a ‘due diligence’ defence to subsections 674(2A) and 675(2A) modelled on a similar defence applying in relation to the prospectus provisions of the Corporations Act 2001. On 18 May 2004, the proposed due diligence defence was released for public consultation until 31 May. The Treasury received nine submissions on the proposed due diligence defence, which are being made publicly available in line with Part 1 of the Report by the Parliamentary Joint Committee on Corporations and Financial Services (Recommendation 20). |
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Documents Available: |
 Acrobat (PDF)Australasian Investor Relations Association 142.57kbAustralia Institute of Company Directors 23.77kb Australian Stock Exchange 53.53kb Business Council of Australia 40.21kb Chartered Secretaries Australia 36.86kb Law Council of Australia 182.30kb Minter Ellison 18.10kb Securities Institute of Australia 23.76kb  Microsoft Word (RTF)Australia Institute of Company Directors 69.85kbChartered Secretaries Australia 926.85kb Commonwealth Bank of Australia 162.35kb Minter Ellison 79.95kb Securities Institute of Australia 646.71kb |
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