Document ID: chunk:federal_register_of_legislation:C2004A02530:body:0:p5
Version: federal_register_of_legislation:C2004A02530
Segment Type: other
Provision Reference: 
Character Range: 11170–13819

32 (2) (a)—any of the directors of the target company; or
             (ii) in the case of a Part D statement that is signed as mentioned in paragraph 32 (2) (b)—the liquidator or official manager, as the case requires,
        and has not previously been disclosed to the holders of shares in the target company, unless—
             (iii) the information would not be permitted to be included, without the consent of the Commission, in a statement referred to in section 37 or 38 that is made or issued to the public; and
             (iv) the Commission has refused to consent to the inclusion of the information in the Part D statement.".

Other amendments
7. The Principal Act is amended as set out in Schedule 1.

PART IV—SECURITIES INDUSTRY ACT 1980

Principal Act
8. The Securities Industry Act 19803 is in this Part referred to as the Principal Act.
9. Section 11 of the Principal Act is repealed and the following section substituted:

Privilege
"11. (1) Where—
    (a) the Commission, or a person authorized by the Commission, makes a requirement under section 8 or 9 of a duly qualified legal practitioner in respect of a book; and
    (b) the book contains a privileged communication made by or on behalf of or to the legal practitioner in his capacity as a legal practitioner,
the legal practitioner is entitled to refuse to comply with the requirement unless the person to whom or by or on behalf of whom the communication was made or, if the person is a body corporate that is under official management or is in the course of being wound up, the official manager or the liquidator, as the case may be, agrees to the legal practitioner complying with the requirement but,
where the legal practitioner so refuses to comply with a requirement, he shall forthwith furnish, in writing, to the Commission or authorized person—
    (c) if he knows the name and address of the person to whom or by or on behalf of whom the communication was made—that name and address; and
    (d) sufficient particulars to identify the book, or the part of the book, containing the communication.
"(2) Where—
    (a) under section 8 or 9, the Commission, or a person authorized by the Commission, requires a duly qualified legal practitioner to make a statement providing an explanation as to any matter relating to the compilation of books or as to any matter to which books relate; and
    (b) the legal practitioner is not able to make that statement without disclosing a privileged communication made by or on behalf of or to the legal practitioner in his capacity as a legal practitioner,
the legal practitioner is entitled to refuse to comply with the