Document ID: chunk:federal_register_of_legislation:C2012A00072:clause:2_17:p1
Version: federal_register_of_legislation:C2012A00072
Segment Type: clause
Provision Reference: sch 2 cl 17 (pt 1/2)
Character Range: 26685–29540

17  After subsection 127(2C)
Insert:
 (2D) If the Chairperson is satisfied that:
 (a) information is obtained by ASIC in circumstances described in subsection (2E); and
 (b) the information is:
 (i) about how an audit of a company, registered scheme or disclosing entity was conducted by an Australian auditor; or
 (ii) about the company's, scheme's or entity's compliance with the requirements in Chapter 2M of the Corporations Act to prepare financial statements and reports, or with the continuous disclosure requirements of sections 674 and 675 of the Corporations Act; and
 (c) the information should be disclosed to the company, to the responsible entity of the registered scheme, or to the disclosing entity, in order to assist the company, scheme or entity to properly manage its affairs;
the disclosure of the information, by a person (the authorised person) whom the Chairperson authorises for the purpose, is taken to be authorised use and disclosure of the information if the information is disclosed to the directors, the audit committee, or a senior manager, of the company, responsible entity or disclosing entity.
 (2E) For the purposes of paragraph (2D)(a), the circumstances are that the information is obtained by ASIC while exercising its powers or functions:
 (a) in relation to audit‑related matters (Corporations Act audit requirements) under Chapter 2M, Chapter 5C, Part 7.8, Part 9.2 or Part 9.2A of the Corporations Act or under other provisions of that Act that relate to that Chapter or that Part; or
 (b) for the purposes of ascertaining compliance with Corporations Act audit requirements; or
 (c) in relation to:
 (i) an alleged or suspected contravention of Corporations Act audit requirements; or
 (ii) an alleged or suspected contravention of a law of the Commonwealth, or of a State or Territory in this jurisdiction, being a contravention that relates to an audit matter and that either concerns the management or affairs of a body corporate or involves fraud or dishonesty and relates to a body corporate; or
 (d) for the purposes of an investigation under Division 1 of Part 3 of this Act relating to a contravention referred to in paragraph (c).
 (2F) The authorised person must not disclose information about how an audit of a company, registered scheme or disclosing entity was conducted by an Australian auditor unless, at least 7 days before disclosing the information, the authorised person notifies the Australian auditor of the proposed disclosure.
 (2G) If the authorised person discloses information only to a senior manager of the company, responsible entity or disclosing entity, the authorised person must, as soon as possible after making the disclosure, provide a copy of the disclosure to the directors and audit committee of the company, responsible entity or disclosing entity.

Part 4—Transitional