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Submissions: CLERP (Audit Reform and Corporate Disclosure) Bill 2003 Draft Due Diligence Defence


Wednesday, 16 June 2004

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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).

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Australasian Investor Relations Association  142.57kb
Australia 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) documents

 Microsoft Word (RTF)

Australia Institute of Company Directors  69.85kb
Chartered Secretaries Australia  926.85kb
Commonwealth Bank of Australia  162.35kb
Minter Ellison  79.95kb
Securities Institute of Australia  646.71kb

Related Items:

CLERP (Audit Reform and Corporate Disclosure) Bill 2003 Draft Due Diligence Defence for Consultation - 18/05/2004
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