Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:3_648j
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 3 cl 648J
Character Range: 966814–968860

648J  Requirement to record telephone calls made during bid period

 (1) The bidder or target (the recorder) must make a clear sound recording of all telephone calls the recorder makes during the bid period:
 (a) to a person (the holder) who holds:
 (i) securities in the bid class; or
 (ii) if the bid extends to securities that come to be in the bid class due to the conversion of or exercise of rights attached to other securities—those other securities;
 (b) to discuss the takeover bid (whether or not for some other purpose as well).

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

 (1A) If the recorder invites the holder to call the recorder to discuss the takeover bid (whether or not for some other purpose as well), then the recorder must make a clear sound recording of all telephone calls that:
 (a) the holder makes to the recorder during the bid period; and
 (b) are made by the holder to discuss the takeover bid (whether or not for some other purpose as well).

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

 (2) A person who is involved in a contravention of subsection (1) contravenes this subsection.

Note 1: Section 79 defines involved.

Note 2: A contravention of this subsection is an offence (see subsection 1311(1)).

 (3) Subsection (1) or (1A) does not apply if the holder is a wholesale holder.

Note: A defendant bears an evidential burden in relation to the matter in subsection (3). See subsection 13.3(3) of the Criminal Code.

 (4) A holder of securities is a wholesale holder if:
 (a) the value of the securities equals or exceeds the amount specified in the regulations made for the purposes of this paragraph; or
 (b) a qualified accountant has given the holder a certificate referred to in paragraph 761G(7)(c) within the preceding 6 months; or
 (c) the holder is a professional investor; or
 (d) the holder is a person, or a member of a class of persons, prescribed in the regulations made for the purposes of this paragraph.