Document ID: chunk:federal_register_of_legislation:C2022C00216:clause:2_675a:p1
Version: federal_register_of_legislation:C2022C00216
Segment Type: clause
Provision Reference: sch 2 cl 675A (pt 1/2)
Character Range: 46953–49861

675A  Continuous disclosure—other disclosing entities—knowledge, recklessness or negligence
 (1) This section applies to:
 (a) a listed disclosing entity if:
 (i) there is only one listing market in relation to the entity and the listing rules of that market do not contain provisions of a kind referred to in subsection 674A(1); or
 (ii) there is more than one listing market in relation to the entity and none of those markets have listing rules that contain provisions of a kind referred to in subsection 674A(1); or
 (b) an unlisted disclosing entity.
 (2) If:
 (a) the disclosing entity becomes aware of information that is not generally available; and
 (b) the entity knows, or is reckless or negligent with respect to whether, the information would, if it were generally available, have a material effect on the price or value of ED securities of the entity; and
 (c) either:
 (i) if those securities are not managed investment products or foreign passport fund products—the information is not required to be included in a supplementary disclosure document or a replacement disclosure document in relation to the entity; or
 (ii) if those securities are managed investment products or foreign passport fund products—the information has not been included in a Product Disclosure Statement, a Supplementary Product Disclosure Statement, or a Replacement Product Disclosure Statement, a copy of which has been lodged with ASIC; and
 (d) regulations made for the purposes of this paragraph do not provide that disclosure under this section is not required in the circumstances;
the disclosing entity must, as soon as practicable, lodge a document with ASIC containing the information.
Note 1: Except for paragraph (b), this subsection is identical to subsection 675(2).
Note 2: This subsection is a financial services civil penalty provision (see section 1317E). As a result, compensation orders are available for contraventions of this subsection (see section 1317HA). For relief from liability relating to this subsection, see section 1317S.
Note 3: This subsection does not create an offence (see subsection 1311(1A)).
Note 4: This subsection has an extended operation in relation to disclosing entities that have made recognised offers of securities under Chapter 8 (see section 1200K).
 (3) A person who is involved in a disclosing entity's contravention of subsection (2) contravenes this subsection.
Note 1: This subsection is a financial services civil penalty provision (see section 1317E). As a result, compensation orders are available for contraventions of this subsection (see section 1317HA). For relief from liability relating to this subsection, see section 1317S.
Note 2: Section 79 defines involved.
 (4) A person does not contravene subsection (3) if the person proves that the person:
 (a) took all steps (if any) that were reasonable in the circumstances to ensure that the disclosing