Securities Industry Act 1980 (Cth)
This compilation was prepared on 17 October 2000
taking into account amendments up to Act No. 92 of 1989
The text of any of those amendments not in force
on that date is appended in the Notes section
Prepared by the Office of Legislative Drafting,
Attorney‑General’s Department, Canberra
Contents
This Act may be cited as the
Securities Industry Act 1980 .
This Act shall come into operation on a date to be fixed by Proclamation.
(1) The object of this Act is to regulate the securities industry in the Australian Capital Territory and this Act has effect, and shall be construed accordingly.
(2) The
Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980 applies to this Act.
The provisions of this Part have effect for the purposes of this Act, except so far as the contrary intention appears in this Act.
(1) In this Act, unless the contrary intention appears:
accounting records includes invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes, vouchers and other documents of prime entry and also includes such working papers and other documents as are necessary to explain the methods and calculations by which accounts are made up.
approved securities organisation means a body corporate that is approved by the Ministerial Council under section 38A.
arbitrage transaction means a purchase or sale of securities effected in the ordinary course of trading on a stock market together with an offsetting sale or purchase of those securities effected at the same time, or at as nearly the same time as practicable, in the ordinary course of trading on another stock market for the purpose of obtaining a profit from the difference between the prices of those securities in the 2 stock markets.
articles means articles of association.
Australian company law means theCompanies Act 1981 or the provisions of:
(a) a previous law of the Territory; or
(b) a law, or a previous law, of a State or of another Territory;
that correspond with that Act.
banker’s books means:
(a) books of a banking corporation, including any documents used in the ordinary business of a banking corporation;
(b) cheques, orders for the payment of money, bills of exchange and promissory notes in the possession or under the control of a banking corporation; and
(c) securities or documents of title to securities in the possession or under the control of a banking corporation whether by way of pledge or otherwise.
banking corporation means:
(a) a bank as defined in section 5 of the
Banking Act 1959 ; or(c) a bank constituted under a law of a State or Territory.
banning order means an order made under section 62G and in force under Division 5 of Part IV.
books includes any register or other record of information and any accounts or accounting records, however compiled, recorded or stored, and also includes any document.
business rules , in relation to a body corporate, means:
(a) in the case of a body corporate that maintains or provides, or proposes to maintain or provide, a stock market—the provisions of the constituent documents of the body corporate and any other rules, regulations or by‑laws made by the body corporate, other than rules, regulations or by‑laws that are listing rules of the body corporate; and
(b) in any other case—the provisions of the constituent documents of the body corporate and any other rules, regulations or by‑laws made by the body corporate.
committee , in relation to a body corporate, means the committee of management, board of directors, council or other governing authority of the body corporate.
condition , in relation to a licence, means a condition or restriction to which the licence is subject, or will be subject, as the case requires.
Corporation means a body corporate in relation to which a nomination as the National Securities Exchanges Guarantee Corporation is in force under subsection 122BA(1).
dealer means:
(a) a person who carries on a securities business; or
(b) 2 or more persons who together carry on a securities business.
dealers licence means a dealers licence granted under Part IV.
dealing , in relation to securities, means (whether as principal or agent) acquiring, disposing of, subscribing for or underwriting the securities, or making or offering to make, or inducing or attempting to induce a person to make or to offer to make, an agreement:
(a) for or with respect to acquiring, disposing of, subscribing for or underwriting the securities; or
(b) the purpose or purported purpose of which is to secure a profit or gain to a person who acquires, disposes of, subscribes for or underwrites the securities or to any of the parties to the agreement in relation to the securities.
director , in relation to a body corporate, includes:
(a) any person occupying or acting in the position of director of the body corporate, by whatever name called and whether or not validly appointed to occupy or duly authorized to act in the position;
(b) any person in accordance with whose directions or instructions the directors of the body corporate are accustomed to act; and
(c) in the case of a body corporate incorporated or formed outside the Territory:
(i) a member of the committee of management, council or other governing body of the body corporate;
(ii) any person occupying or acting in the position of member of the committee of management, council or other governing body of the body corporate, by whatever name called and whether or not validly appointed to occupy or duly authorised to act in the position; and
(iii) any person in accordance with whose instructions the members of the committee of management, council or other governing body of the body corporate are accustomed to act.
eligible money market dealer means a body corporate in respect of which a declaration is in force under paragraph 97(7)(b) of theCompanies Act 1981 .
event includes any happening, circumstance or state of affairs.
Exchange means Australian Stock Exchange Limited.
Exchange subsidiary means a securities exchange, or a recognised securities exchange, that is a subsidiary of the Exchange.
executive officer , in relation to a body corporate, means any person, by whatever name called and whether or not he is a director of the body corporate, who is concerned, or takes part, in the management of the body corporate.
exempt dealer has the meaning given by section 6C.
exempt investment adviser has the meaning given by section 6C.
exempt public authority means a body corporate that is incorporated within Australia and is a public authority or an instrumentality or agency of the Crown in right of the Commonwealth or of a State or Territory.
exempt stock market means a stock market in relation to which, or a stock market included in a class of stock markets, being a class in relation to which, a declaration under subsection 37(1A) is in force.
externally‑administered body corporate means a body corporate:
(a) that is being wound up under an Australian company law;
(b) in respect of property of which a receiver, or a receiver and manager, has been appointed under an Australian company law (whether or not by a court) and is acting;
(c) that is under official management under an Australian company law; or
(d) that has, whether in the Territory or elsewhere, entered into a compromise or arrangement with its creditors that is still in operation.
fidelity fund , in relation to a securities exchange, means the fidelity fund (if any) that section 100 requires or required the securities exchange to establish and keep.
function includes a duty.
Fund means the National Guarantee Fund established under subsection 122CA(1).
have , in relation to information, includes be in possession of the information.
hold , in relation to a person, in relation to a document that is, or purports to be, a copy of a licence, means have in the person’s possession.
included , in relation to an official list, has the meaning given by section 6D.
information service means:
(a) a broadcasting service;
(b) an interactive or broadcast videotext or teletext service or a similar service;
(c) an online database service or a similar service; or
(d) any other prescribed service.
insolvent under administration means a person who:
(a) under the
Bankruptcy Act 1966 or the law of an external Territory, is a bankrupt in respect of a bankruptcy from which he has not been discharged; or(b) under the law of a country other than Australia or the law of an external Territory, has the status of an undischarged bankrupt;
and includes:
(c) a person who has executed a deed of arrangement under Part X of the
Bankruptcy Act 1966 or the corresponding provisions of the law of an external Territory or of the law of a country other than Australia where the terms of the deed have not been fully complied with; and(d) a person whose creditors have accepted a composition under Part X of the
Bankruptcy Act 1966 or the corresponding provisions of the law of an external Territory or of the law of a country other than Australia where a final payment has not been made under that composition.
invalid authority has the meaning given by subsection 6F(2).
investment advice business has the meaning given by section 6E.
investment adviser means a person who carries on, or 2 or more persons who together carry on, an investment advice business.
investment advisers licence means an investment advisers licence granted under Part IV.
investment contract means any contract, scheme or arrangement that, in substance and irrespective of the form of the contract, scheme or arrangement, involves the investment of money in or under such circumstances that the investor acquires or may acquire an interest in or right in respect of property, whether in the Territory or elsewhere, that, under, or in accordance with, the terms of investment will, or may at the option of the investor, be used or employed in common with any other interest in or right in respect of property, whether in the Territory or elsewhere, acquired in or under like circumstances.
licence means a dealers licence or an investment advisers licence.
licensee means a person who holds a licence and, in relation to a licence, means the person who holds the last‑mentioned licence.
liquidator includes a provisional liquidator.
listing rules , in relation to a body corporate that maintains or provides, or proposes to maintain or provide, a stock market, means rules, regulations or by‑laws governing or relating to:
(a) the admission to, or removal from, the official list of the body corporate of bodies corporate, governments, unincorporate bodies or other persons for the purpose of the quotation on the stock market of the body corporate of securities of, or made available by, bodies corporate, governments, unincorporate bodies or other persons and for other purposes; or
(b) the activities or conduct of bodies corporate, governments, unincorporate bodies and other persons who are admitted to that list;
whether those rules, regulations or by‑laws:
(c) are made by the body corporate or are contained in any of the constituent documents of the body corporate; or
(d) are made by another person and adopted by the body corporate.
local Exchange subsidiary means a securities exchange that is an Exchange subsidiary.
lodge means lodge with the Commission.
marketable parcel , in relation to securities that are listed for quotation on the stock market of a securities exchange, means a marketable parcel of those securities within the meaning of the relevant business rules or listing rules of that securities exchange.
member , in relation to a securities exchange or a recognised securities exchange, means, except in the definition ofmember organisation and in Part IIA, a person who is, or who is a partner in, a member organisation of the securities exchange or recognised securities exchange.
member firm , in relation to a securities exchange or a recognised securities exchange, means a partnership that is a member organisation of the securities exchange or recognised securities exchange.
member organisation , in relation to a securities exchange or a recognised securities exchange, means:
(a) a member of the securities exchange or recognised securities exchange who or that carries on a business of dealing in securities on his, her or its own account and not in partnership; or
(b) a partnership that carries on a business of dealing in securities and is recognised by the securities exchange or recognised securities exchange as a member organisation or member firm.
memorandum means memorandum of association.
non‑dealer means a person who is neither a dealer nor one of 2 or more persons who together constitute a dealer.
officer , in relation to a body corporate, includes:
(a) a director, secretary, executive officer or employee of the body corporate;
(b) a receiver and manager of property of the body corporate appointed under a power contained in an instrument;
(c) an official manager or deputy official manager of the body corporate;
(d) a liquidator of the body corporate appointed in a voluntary winding up of the body corporate; and
(e) a trustee or other person administering a compromise or arrangement made between the body corporate and another person or other persons;
but does not include:
(f) a receiver who is not also a manager;
(g) a receiver and manager appointed by a court; or
(h) a liquidator appointed by a court.
on , in relation to a stock market, includes at or by means of.
participation interest means any right to participate, or any interest:
(a) in any profits, assets or realisation of any financial or business undertaking or scheme whether in the Territory or elsewhere;
(b) in any common enterprise, whether in the Territory or elsewhere, in relation to which the holder of the right or interest is led to expect profits, rent or interest from the efforts of the promoter of the enterprise or a third party; or
(c) in any investment contract;
whether or not the right or interest is enforceable, whether the right or interest is actual, prospective or contingent, whether or not the right or interest is evidenced by a formal document and whether or not the right or interest relates to a physical asset, but does not include:
(d) such a right that is a right to participate in a time‑sharing scheme;
(e) any share in, or debenture of, a corporation;
(f) any interest in, or arising out of, a policy of life insurance; or
(g) an interest in a partnership agreement, unless the agreement or proposed agreement:
(i) relates to an undertaking, scheme, enterprise or investment contract promoted by or on behalf of a person whose ordinary business is or includes the promotion of similar undertakings, schemes, enterprises or investment contracts, whether or not that person is, or is to become, a party to the agreement or proposed agreement; or
(ii) is or would be an agreement, or is or would be within a class of agreements, prescribed by the regulations for the purposes of this paragraph.
prescribed interest means:
(a) a participation interest; or
(b) a right, whether enforceable or not, whether actual, prospective or contingent and whether or not evidenced by a formal document, to participate in a time‑sharing scheme;
but does not include a right or interest, or a right or interest included in a class or kind of rights or interests, declared by the regulations to be an exempt right or interest, or a class or kind of exempt rights or interests.
proper authority has the meaning given by section 6F.
publish includes issue.
quarter day means 31 March, 30 June, 30 September or 31 December.
quotation , in relation to securities, in relation to a stock market of a securities exchange, includes the displaying or providing, on a stock market of the securities exchange, of information concerning:
(a) in a case where offers to sell, purchase or exchange the securities at particular prices, or for particular consideration, are made or accepted on that stock market—those prices or that consideration;
(b) in a case where offers or invitations are made on that stock market, being offers or invitations that are intended, or may reasonably be expected, to result, whether directly or indirectly, in the making or acceptance of offers to sell, purchase or exchange the securities at particular prices or for particular consideration—those prices or that consideration; or
(c) in any case—the price at which, or the consideration for which, particular persons, or particular classes of persons, propose, or may reasonably be expected, to sell, purchase or exchange the securities.
recognised banning order means a banning order within the meaning of a corresponding law of a participating State or participating Territory.
recognized dealer means, subject to section 6G, a person who is the holder of a dealers licence under the provisions of the law of a participating State or participating Territory that correspond with Part IV.
recognized investment adviser means, subject to section 6G, a person who is the holder of an investment advisers licence under the provisions of the law of a participating State or participating Territory that correspond with Part IV.
recognised licence means, subject to section 6G, a licence within the meaning of a corresponding law of a participating State or participating Territory.
recognised licensee means a recognised dealer or a recognised investment adviser and, in relation to a recognised licence, means the person who holds the recognised licence.
recognised securities exchange means a body corporate that is a securities exchange for the purposes of a corresponding law of a participating State or participating Territory.
recognised stock exchange means a body corporate that is a stock exchange for the purposes of a corresponding law of a participating State or participating Territory.
registered company auditor has the same meaning as in theCompanies Act 1981 .
relevant agreement means an agreement, arrangement or understanding:
(a) whether formal or informal or partly formal and partly informal;
(b) whether written or oral or partly written and partly oral; and
(c) whether or not having legal or equitable force and whether or not based on legal or equitable rights.
responsible officer , in relation to a body corporate that applies for a licence, means an officer of the body who would perform duties in connection with the holding of the licence.
retirement village scheme means a scheme, undertaking or enterprise (in this definition referred to as therelevant scheme ), whether in the Territory or elsewhere, that is being, or is proposed to be, carried out or undertaken with the intention that the participants, or a majority of the participants, in the relevant scheme be provided, in connection with the relevant scheme, with residential accommodation within a retirement community, whether or not the entitlement of a participant to be provided with such accommodation derives from a proprietary interest held by the participant in the premises where the accommodation is provided, but does not include a time‑sharing scheme.
securities means:
(a) debentures, stocks or bonds issued or proposed to be issued by a government;
(b) debentures, stocks, shares, bonds or notes issued or proposed to be issued by a body corporate or unincorporate;
(c) an option contract to which this Act applies; or
(d) a prescribed interest;
but does not include:
(e) bills of exchange;
(ea) a futures contract within the meaning of the
Futures Industry Act 1986 or of the provisions of a law of a participating State or participating Territory that correspond with that Act;(f) promissory notes;
(g) certificates of deposit issued by a banking corporation;
(h) in a case where:
(i) there is attached to a share or debenture a right to participate in a retirement village scheme; and
(ii) each of the other rights, and each interest (if any), attached to that share or debenture is a right or interest that is merely incidental to the right referred to in subparagraph (i);
that share or debenture; or
(j) a prescribed interest that is constituted by a right to participate in a retirement village scheme.
securities adviser means a dealer, an investment adviser or a representative of a dealer or of an investment adviser.
securities business has the meaning given by section 6J.
securities exchange means a stock exchange or an approved securities organisation.
securities law means a provision of, or a provision of a law of a participating State or participating Territory that corresponds with a provision of:
(a) this Act;
(b) the
Companies (Acquisition of Shares) Act 1980 ;(c) Part IV of the
Companies Act 1981 ; or(d) section 552 of the
Companies Act 1981 .
securities recommendation means a recommendation with respect to securities or a class of securities, whether made expressly or by implication.
securities report means an analysis or report about securities.
serious fraud means an offence involving fraud or dishonesty, being an offence:
(a) against a law of the Commonwealth, of a State or of a Territory, or against any other law; and
(b) punishable by imprisonment for life or for a period, or maximum period, of at least 3 months.
share means share in the share capital of a body corporate, and includes stock except where a distinction between stock and shares is expressed or implied.
sole trader means a person who is a member organisation of a securities exchange or of a recognised securities exchange.
stock exchange means:
(a) the Exchange; or
(b) a body corporate that is approved by the Ministerial Council under section 38.
stock market means a market, exchange or other place at which, or a facility by means of which:
(a) offers to sell, purchase or exchange securities are regularly made or accepted;
(b) offers or invitations are regularly made, being offers or invitations that are intended, or may reasonably be expected, to result, whether directly or indirectly, in the making or acceptance of offers to sell, purchase or exchange securities; or
(c) information is regularly provided concerning the prices at which, or the consideration for which, particular persons, or particular classes of persons, propose, or may reasonably be expected, to sell, purchase or exchange securities.
suspend has a meaning affected by subsections 62D(7) and (8).
time‑sharing scheme means a scheme, undertaking or enterprise, whether in the Territory or elsewhere:
(a) participants in which are, or may become, entitled to use, occupy or possess, for 2 or more periods during the period for which the scheme, undertaking or enterprise is to operate, property to which the scheme, undertaking or enterprise relates; and
(b) that is to operate for a period of not less than 3 years.
trading , in relation to securities, in relation to a stock market, includes:
(a) making or accepting on that stock market offers to sell, purchase or exchange the securities; and
(b) making on that stock market offers or invitations that are intended, or may reasonably be expected, to result, whether directly or indirectly, in the making or acceptance of offers to sell, purchase or exchange the securities.
transmission means a transmission, by means of electric or electromagnetic energy, of:
(a) sounds, including speech and music;
(b) visual images;
(c) signals for the communication, whether as between persons and persons, persons and things or things and things, of any matter otherwise than in the form of sounds or visual images; or
(d) signals for the actuation or control of machinery or apparatus.
trust account means a trust account opened and maintained under section 73.
underwrite includes sub‑underwrite.
voting share , in relation to a body corporate, means an issued share in the body corporate that confers a right to vote, not being a right to vote that is exercisable only in one or more of the following circumstances:
(a) during a period during which a dividend (or part of a dividend) in respect of the share is in arrears;
(b) upon a proposal to reduce the share capital of the body corporate;
(c) upon a proposal that affects rights attached to the share;
(d) upon a proposal to wind up the body corporate;
(e) upon a proposal for the disposal of the whole of the property, business and undertaking of the body corporate;
(f) during the winding up of the body corporate.
(1A) Where a person is, for the purposes of the
Companies (Acquisition of Shares) Act 1980 , taken to acquire shares in a company, the person shall, for the purposes of the definition ofdealing in subsection (1), be taken to acquire those shares.(1B) For the purposes of this Act, a person shall not be regarded as a person in accordance with whose directions or instructions the directors of a body corporate are accustomed to act by reason only that the directors act on advice given by that person in the proper performance of the functions attaching to his professional capacity or to his business relationship with the directors or the body corporate.
(2) A person who, but for this subsection, would be an exempt dealer by reason that he does not carry on a business of dealing in securities except in his capacity as a personal representative of a deceased dealer ceases to be an exempt dealer at the expiration of the period of 6 months after the date of the death of the dealer or upon his being discharged or removed as such a personal representative or upon the final distribution of the estate of the dealer, whichever first occurs.
(5B) In determining for the purposes of this Act whether a market, exchange, place or facility is a stock market, regard shall not be had to the making at that market, exchange or other place, or by means of that facility, as the case may be, of futures contracts within the meaning of the
Futures Industry Act 1986 or the provisions of a law of a participating State or participating Territory that correspond with that Act.(6) A reference in this Act to a securities exchange permitting trading in securities on the stock market of the securities exchange includes a reference to the securities exchange listing the securities for quotation, or otherwise permitting the securities to be quoted, on the stock market of the securities exchange.
(7) For the purposes of this Act, the question whether bodies corporate are related to each other shall be determined in the same manner as the question whether corporations within the meaning of the
Companies Act 1981 are related to each other would be determined under that Act.(7A) A regulation made for the purposes of subparagraph (g)(ii) of the definition of
participation interest in subsection (1) does not apply to an agreement or a class of agreements relating to a partnership:
(a) being a partnership for the carrying on of a profession or trade where a person carrying on that profession or trade is required by any law of the Commonwealth, of a State or of a Territory to be registered, licensed or otherwise authorised in order to do so; and
(b) the business of which does not include any business other than the business of a partnership referred to in paragraph (a).
(8) For the purposes of this Act:
(a) a parcel of securities constitutes an odd lot if the number of securities in that parcel is less than one marketable parcel of those securities; and
(b) if the number of securities in a parcel of securities is greater than one marketable parcel of those securities and, after excluding so many of the securities in that parcel as constitute a marketable parcel or marketable parcels of those securities, a number of securities remains, that remaining number of securities constitutes an odd lot.
(8A) A reference in this Act to an option contract to which this Act applies is a reference to:
(a) a contract under which a party to the contract acquires from another party to the contract an option or right, exercisable at or before a specified time, to purchase from, or to sell to, that other party a specified number of specified securities, or of securities included in a specified class of securities, at a price specified in, or to be determined in accordance with, the contract; or
(b) a contract entered into on a stock market of a securities exchange or on an exempt stock market, being a contract under which a party to the contract acquires from another party to the contract an option or right, exercisable at or before a specified time:
(i) to purchase from, or to sell to, that other party a specified amount of a specified foreign currency, or a specified quantity of a specified commodity, at a price specified in, or to be determined in accordance with, the contract; or
(ii) to be paid by that other party an amount of money to be determined by reference to the amount by which a specified number is greater or less than the number of a specified index, being the Australian Stock Exchanges All Ordinaries Price Index or a prescribed index, as at the time when the option or right is exercised.
(9) In this Act a reference to a body corporate, in relation to securities, includes a reference to a government, unincorporate body or other person that issues or makes available those securities.
(1) Subject to this section, a person has a relevant interest in securities if:
(a) in the case of securities that carry a right to vote at a meeting of a body corporate or unincorporate, that person has power:
(i) to exercise, or to control the exercise of, that right to vote; or
(ii) to dispose of, or to exercise control over the disposal of, those securities; and
(b) in the case of securities to which paragraph (a) does not apply—that person has power to dispose of, or to exercise control over the disposal of, those securities.
(2) It is immaterial for the purposes of this section whether the power of a person:
(a) to exercise, or to control the exercise of, a right to vote carried by securities; or
(b) to dispose of, or to exercise control over the disposal of, securities;
is express or implied or formal or informal, is exercisable alone or jointly with another person or other persons, cannot be related to a particular security, or is, or is capable of being made, subject to restraint or restriction, and any such power exercisable jointly with another person or other persons shall, for those purposes, be deemed to be exercisable by either or any of those persons.
(3) A reference in this section to power or control includes a reference to power or control that is direct or indirect or is, or is capable of being, exercised as a result of, or by means of, or in breach of, or by revocation of, trusts, agreements, arrangements, understandings and practices or any of them, whether or not they are enforceable, and a reference in this section to a controlling interest includes a reference to such an interest as gives control.
(4) Without limiting the generality of subsections (1), (2) and (3), where a body corporate has, or is by virtue of this section to be deemed to have, power:
(a) to exercise, or to control the exercise of, a right to vote carried by securities; or
(b) to dispose of, or to exercise control over the disposal of, securities;
and:
(c) the body corporate is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of a person in relation to the exercise of the power; or
(d) a person has a controlling interest in the body corporate;
that person shall, for the purposes of this section, be deemed to have the same power in relation to those securities as the body corporate has or is to be deemed to have.
(5) Where a body corporate has, or is by virtue of this section (other than this subsection) to be deemed to have, power:
(a) to exercise, or to control the exercise of, the right to vote carried by securities; or
(b) to dispose of, or to exercise control over the disposal of, securities;
a person (in this subsection referred to as the
relevant person ) shall, for the purposes of this section, be deemed to have the same power in relation to those securities as the body corporate has, or is to be deemed to have, if:
(c) the relevant person has;
(d) a person associated with the relevant person has;
(e) persons associated with the relevant person together have; or
(f) the relevant person and a person or persons associated with the relevant person together have;
the power to exercise, or to control the exercise of, the voting power attached to not less than the prescribed percentage of the voting shares in the body corporate.
(6) Where a person:
(a) has entered into an agreement with respect to securities;
(b) has a right relating to securities, whether the right is enforceable presently or in the future and whether on the fulfilment of a condition or not; or
(c) has an option with respect to securities;
and, on performance of the agreement, enforcement of the right or exercise of the option, that person would have a relevant interest in those securities, he shall, for the purposes of this section, be deemed to have that relevant interest in those securities.
(7) For the purposes of this section, where a body corporate is to be deemed, by virtue of subsection (6), to have a relevant interest in securities and:
(a) the body corporate is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of a person in relation to the exercise of, or the control of the exercise of, any right to vote attached to those securities, or in relation to the disposal of, or the exercise of control over the disposal of, those securities;
(b) a person has a controlling interest in the body corporate; or
(c) a person has power to exercise, or to control the exercise of, the voting power attached to not less than the prescribed percentage of the voting shares in the body corporate;
that person shall be deemed to have a relevant interest in those securities.
(8) A relevant interest in securities shall be disregarded if:
(a) the ordinary business of the person who has the relevant interest includes the lending of money and he has authority to exercise his powers as the holder of the relevant interest only by reason of a security given for the purposes of a transaction entered into in the ordinary course of business in connection with the lending of money, not being a transaction entered into with a person associated with the first‑mentioned person;
(b) the relevant interest is that of a person who has it by reason of his holding a prescribed office;
(c) the securities are subject to a trust, the relevant interest is that of a trustee and:
(i) a beneficiary is to be deemed, by virtue of subsection (6), to have a relevant interest in the securities by virtue of a presently enforceable and unconditional right referred to in paragraph (b) of that subsection; or
(ii) the trustee is a bare trustee;
(d) the ordinary business of the person who has the relevant interest includes dealing in securities and he has authority to exercise his powers as the holder of the relevant interest only by reason of instructions given to him by or on behalf of another person to dispose of those securities on behalf of the other person in the ordinary course of business; or
(e) the relevant interest is that of a person who has it by reason only of his having been appointed as a proxy or representative to vote at a particular meeting of members, or of a class of members, of a body corporate or unincorporate, not being an appointment in return for the making of which the person or a person associated with the person provided valuable consideration.
(9) For the purposes of subparagraph (8)(c)(ii), a trustee shall not be taken not to be a bare trustee by reason only of the fact that the trustee is entitled in his capacity as a trustee to be remunerated out of the income or property of the trust.
(9A) A person may, by virtue of this section, be taken or deemed, for the purposes of this Act, to have a relevant interest in securities issued or made available by the person.
(10) A relevant interest in securities shall not be disregarded by reason only of:
(a) its remoteness; or
(b) the manner in which it arose.
(11) The regulations may provide that relevant interests or particular classes of relevant interests, or relevant interests held by particular persons or by particular classes of persons, in securities, or in particular classes of securities, shall, in such circumstances and subject to such conditions (if any) as are specified in the regulations, be disregarded for the purposes of the provisions of this Act or for the purposes of such of those provisions as are specified in the regulations.
(12) A reference in this section to the prescribed percentage is a reference to 20% or, where a lesser percentage is prescribed by regulations in force for the time being for the purposes of section 11 of the
Companies (Acquisition of Shares) Act 1980 , a reference to that lesser percentage.
(1) A reference in this Act to a person associated with another person shall be construed as a reference to:
(a) if the other person is a body corporate:
(i) a director or secretary of the body corporate;
(ii) a body corporate that is related to the other person; or
(iii) a director or secretary of such a related body corporate;
(b) where the matter to which the reference relates is the extent of a power to exercise, or to control the exercise of, the voting power attached to voting shares in a body corporate (including, in a case where the other person is a body corporate, the other person)—a person (including the body corporate) with whom the other person has, or proposes to enter into, an agreement, arrangement, understanding or undertaking, whether formal or informal and whether express or implied:
(i) by reason of which the first‑mentioned person, or the other person, may exercise, may directly or indirectly control the exercise of, or may substantially influence the exercise of, any voting power attached to a share in the body corporate;
(ii) with a view to controlling or influencing the composition of the board of directors, or the conduct of affairs, of the body corporate;
(iii) under which the first‑mentioned person may acquire from the other person, or the other person may acquire from the first‑mentioned person, shares in the body corporate; or
(iv) under which the first‑mentioned person, or the other person, may be required to dispose of shares in the body corporate in accordance with the directions of the other person, or of the first‑mentioned person, as the case may be;
(c) a person in concert with whom the other person is acting, or proposes to act, in relation to the matter to which the reference relates;
(d) where the matter to which the reference relates is a matter other than the extent of a power to exercise, or to control the exercise of, the voting power attached to voting shares in a body corporate:
(i) a person who carries on a business of dealing in securities in partnership with the other person;
(ii) subject to subsection (2), a person who is a partner of the other person otherwise than by reason that he carries on a business of dealing in securities in partnership with the other person;
(iii) a trustee of a trust in relation to which the other person benefits or is capable of benefiting otherwise than by reason of transactions entered into in the ordinary course of business in connection with the lending of money;
(iv) a person who is a director of a body corporate that carries on a business of dealing in securities and of which the other person is also a director; or
(v) subject to subsection (2), a person who is a director of a body corporate of which the other person is a director, not being a body corporate that carries on a business of dealing in securities;
(e) a person with whom the other person is, by virtue of the regulations, to be regarded as associated in respect of the matter to which the reference relates;
(f) a person with whom the other person is, or proposes to become, associated, whether formally or informally, in any other way in respect of the matter to which the reference relates; or
(g) if the other person has entered into, or proposes to enter into, a transaction, or has done, or proposes to do, any other act or thing, with a view to becoming associated with a person as mentioned in any of the preceding paragraphs—that last‑mentioned person.
(2) Where, in proceedings under this Act, it is alleged that a person referred to in subparagraph (1)(d)(ii) or (v) was associated with another person at a particular time, that person shall be deemed not to have been so associated in relation to a matter to which the proceedings relate unless the person alleging the association proves that the first‑mentioned person at that time knew or ought reasonably to have known the material particulars of that matter.
(3) For the purposes of this Act, where 2 or more persons constitute a dealer or an investment adviser, a person is associated with the dealer or with the investment adviser, as the case may be, if he is associated with either or any of those persons.
(4) A person shall not be taken to be associated with another person by virtue of paragraph (1)(b), (c), (e) or (f) by reason only that one of those persons furnishes advice to, or acts on behalf of, the other person, in the proper performance of the functions attaching to his professional capacity or to his business relationship with the other person.
A reference to a business of a particular kind includes a reference to a business of that kind that is part of, or is carried on in conjunction with, any other business.
A reference to a person carrying on a business, or a business of a particular kind, is a reference to the person carrying on a business, or a business of that kind, whether alone or together with any other person or persons.
(1) A person is both an exempt dealer and an exempt investment adviser if the person is:
(a) an eligible money market dealer; or
(b) an exempt public authority.
(2) Subject to this section, a person is an exempt dealer or an exempt investment adviser if the person is a dealer or investment adviser, as the case may be, but does not carry on a securities business or an investment advice business, as the case may be, except:
(a) as an official receiver or trustee within the meaning of the
Bankruptcy Act 1966 ;(b) as a receiver, receiver and manager, or liquidator, appointed by a court;
(c) as a person appointed by a court to carry on the business concerned;
(d) by virtue of the person’s powers, as Public Trustee, under the
Public Trustee Ordinance 1985 or a prescribed law of a State or another Territory;(e) as a receiver, receiver and manager, or liquidator, appointed otherwise than by a court;
(f) as an official manager or deputy official manager of a body corporate;
(g) as a trustee or other person administering a compromise or arrangement between a body corporate and any other person or persons;
(h) as a personal representative of a dead dealer or investment adviser, as the case may be; or
(j) in such other capacity, or in such other circumstances, as are prescribed.
(3) A body corporate that carries on, or holds itself out as carrying on, a business of dealing in shares in, or debentures of, that body is an exempt dealer if it neither carries on, nor holds itself out as carrying on, a business of dealing in any other securities.
(4) A person who carries on a securities business or investment advice business in a capacity referred to in any of paragraphs (2)(e) to (h), inclusive, shall be deemed for the purposes of subsection (2) to carry on the business otherwise than in that capacity unless there is in force under subsection (5) an approval of the person carrying on the business in that capacity.
(5) The Commission may, on application by a person and after having regard to:
(a) the prescribed matters (if any); and
(b) such matters as it thinks appropriate;
by writing approve of the person carrying on a specified securities business or investment advice business in a specified capacity, being a capacity referred to in any of paragraphs (2)(e) to (h), inclusive.
(6) A person who carries on a securities business or investment advice business as a personal representative of a dead dealer or investment adviser, as the case may be, shall be deemed for the purposes of subsection (2) to stop carrying on that business as such a personal representative:
(a) at the end of 6 months after the death of the dealer or investment adviser;
(b) on being discharged or removed as a personal representative of the dealer or investment adviser; or
(c) on the final distribution of the estate of the dealer or investment adviser;
whichever happens first.
(7) A person is not an exempt dealer or an exempt investment adviser except as provided by this section.
A reference to a body corporate or other person included in an official list of a body corporate is a reference to:
(a) a body corporate or other person whose name is included in that official list; or
(b) a body corporate or other person whose name has been changed but whose previous name was included in that official list immediately before the change and is still so included.
(1) A reference to an investment advice business, in relation to a person, is a reference to:
(a) a business of advising other persons about securities; or
(b) a business in the course of which the person publishes securities reports.
(2) The remaining provisions of this section apply for the purposes of determining:
(a) whether or not a person carries on an investment advice business;
(b) what constitutes an investment advice business carried on by a person; and
(c) whether or not a person holds himself, herself or itself out to be an investment adviser.
(3) If the person is a body corporate authorised by a law of a State or Territory to take in its own name a grant of probate of the will, or a grant of letters of administration of the estate, of a dead person, an act done by the first‑mentioned person shall be disregarded.
(4) If the person is a solicitor or accountant in public practice as such, an act that the person does shall be disregarded if it is merely incidental to the practice of his or her profession.
(5) The fact that the person advises other persons about securities, or publishes securities reports, in some or all of the following circumstances shall be disregarded:
(a) in a newspaper or periodical:
(i) of which the person is the proprietor or publisher; and
(ii) that is generally available to the public otherwise than only on subscription;
(b) in the course of, or by means of, transmissions that:
(i) the person makes by means of an information service; or
(ii) are made by means of an information service that the person owns, operates or makes available;
and are generally available to the public;
(c) in sound recordings, video recordings, or data recordings, that the person makes generally available to the public in either or both of the following ways:
(i) by supplying copies of them to the public;
(ii) by causing the sound recordings to be heard by, the video recordings to be seen and heard by, or the contents of the data recordings to be displayed or reproduced for, the public, as the case may be.
(6) Subsection (5) does not apply in relation to a newspaper or periodical, or transmissions, sound recordings, video recordings or data recordings, as the case may be, whose sole or principal purpose is to advise other persons about securities or to publish securities reports.
(7) The fact that the person holds himself, herself or itself out as advising other persons, or publishing securities reports, as mentioned in subsection (5) shall be disregarded.
(8) An act that the person does:
(a) while employed by, or acting for or by arrangement with, another person;
(b) as employee or agent of, or otherwise on behalf of, on account of, or for the benefit of, the other person; and
(c) in connection with an investment advice business carried on by the other person;
shall be disregarded.
(1) A reference, in relation to a person (in this subsection called the
representative ), to a proper authority from a person (in this subsection called theprincipal ) who holds a licence is a reference to a copy of the licence on which are endorsed:
(a) a statement:
(i) certifying the copy to be a true copy of the licence;
(ii) stating that the representative is employed by, or acts for or by arrangement with, the principal; and
(iii) signed by the principal; and
(b) in relation to each licensee (if any), other than the principal, of whom the representative is a representative, a statement that:
(i) sets out the name of the licensee;
(ii) states that the representative is employed by, or acts for or by arrangement with, the licensee;
(iii) states that the licensee consents to the representative being employed by, or acting for or by arrangement with, the principal; and
(iv) is signed by the licensee.
(2) A reference, in relation to a person (in this subsection called the
representative ), to an invalid authority from a person (in this subsection called theprincipal ) is a reference to a document:
(a) on which is endorsed a statement:
(i) stating that the representative is employed by, or acts for or by arrangement with, the principal; and
(ii) signed by the principal; and
(b) that purports to be a copy of a licence and to be a proper authority of the representative from the principal, but is not in fact such a proper authority;
whether or not:
(c) the principal is, or has ever been, a licensee; or
(d) the document is in fact a copy of a licence that exists or has ever existed.
(3) For the purposes of this section, a statement is signed by a person if, and only if, it is signed:
(a) if the person is a natural person—by the person; or
(b) if the person is a body corporate:
(i) by a director or secretary; or
(ii) by an executive officer who is authorised to sign the statement.
(4) In this section:
licence includes a recognised licence.
licensee includes a recognised licensee.
Where a person holds a dealers licence or investment advisers licence under the provisions of a law of a participating State or participating Territory that correspond with Part IV, the person is not a recognised dealer or recognised investment adviser, as the case may be, and the licence is not a recognised licence, unless:
(a) if the person is a natural person who is not a partner in a firm—the person is ordinarily resident in that State or Territory;
(b) if the person is a natural person who is a partner in a firm—the firm’s principal place of business is in that State or Territory; or
(c) if the person is a body corporate—the body:
(i) is incorporated in that State or Territory; or
(ii) is incorporated outside Australia and the external Territories and is registered under the provisions of a law of that State or Territory that correspond with Division 5 of Part XIII of the
Companies Act 1981 .
(1) Subject to subsection (2), a person is a representative of another person if, and only if, the first‑mentioned person is employed by, or acts for or by arrangement with, the other person in connection with a securities business or investment advice business carried on by the other person.
(2) Except for the purposes of paragraph 6F(1)(b):
(a) a person who holds a proper authority from a licensee or recognised licensee is a representative of the licensee or recognised licensee; and
(b) a person who holds an invalid authority from another person is a representative of the other person.
(3) Subject to subsection (4), a person does an act, or engages in conduct, as a representative of another person if, and only if, the first‑mentioned person does the act, or engages in the conduct:
(a) in connection with a securities business or investment advice business carried on by the other person;
(b) while the first‑mentioned person is a representative of the other person;
(c) as employee or agent of, or otherwise on behalf of, on account of, or for the benefit of, the other person; and
(d) otherwise than in the course of work of a kind ordinarily done by accountants, clerks or cashiers.
(4) Except for the purposes of Division 4 of Part IV, a person who holds himself, herself or itself out to be a representative of another person does an act as a representative of the other person.
(1) A securities business is a business of dealing in securities.
(2) Subsections (4), (5) and (6) apply for the purposes of determining:
(a) whether or not a person carries on, or holds himself, herself or itself out as carrying on, a securities business; and
(b) what constitutes such a business carried on by a person.
(3) Subsection (6) also applies for the purposes of determining whether or not a person deals in securities.
(4) An act done on behalf of the person by the holder of a dealers licence, an exempt dealer, or a recognised dealer shall be disregarded.
(5) An act that the person does:
(a) while employed by, or acting for or by arrangement with, a dealer;
(b) as employee or agent of, or otherwise on behalf of, on account of, or for the benefit of, the dealer; and
(c) in connection with a securities business carried on by the dealer;
shall be disregarded.
(6) An act or acts done by the person that constitutes or together constitute, for the purposes of:
(a) the
Futures Industry Act 1986 ; or(b) the provisions of a law of a participating State or participating Territory that correspond with that Act;
a dealing by the person in a futures contract, shall be disregarded.
In this Division,
books includes banker’s books.
(1A) The powers of the Commission under subsection (1), or the powers of an authorized person under subsection (2), to make a requirement of a corporation or person shall not be exercised except:
(a) for the purpose of:
(i) the performance of a function, or the exercise of a power, by the Commission under a relevant Act (other than the exercise of a power of the Commission under subsection 6(3) of the
National Companies and Securities Commission Act 1979 ); or(ii) ensuring compliance with the provisions of a relevant Act; or
(b) where the requirement relates to a matter that constitutes or may constitute:
(i) a contravention of, or failure to comply with, a provision of such a relevant Act; or
(ii) an offence relating to securities that involves fraud or dishonesty.
(1B) A reference in subsection (1A) to a relevant Act includes a reference to the provisions of a law of a participating State or participating Territory that correspond with a relevant Act.
(1) The Commission may, at any time, by notice in writing:
(a) give a direction to:
(i) a securities exchange;
(ii) a member of the committee of a securities exchange;
(iii) a person who is or has been (either alone or together with another person or other persons) a dealer or an investment adviser or is or has been a dealer’s representative or an investment representative;
(iv) a nominee controlled by a person referred to in subparagraph (iii) or jointly controlled by 2 or more persons at least one of whom is a person referred to in that subparagraph;
(v) a person who is or has been an officer or employee of, or an agent, banker, solicitor, auditor or other person acting in any capacity for or on behalf of, a securities exchange or a person referred to in subparagraph (ii), (iii) or (iv); or
(va) any other person who, in the opinion of the Commission, has been a party to any dealing in securities;
requiring the production, to a person authorized by the Commission to receive them, at such time and place as are specified in the direction, of such books as are so specified, being books relating to:
(vi) the business or affairs of a securities exchange;
(vii) any dealing in securities;
(viii) any advice concerning securities or the issuing or publication of a report or analysis concerning securities;
(ix) the character or financial position of, or any business carried on by, a person referred to in subparagraph (iii) or (iv); or
(x) an audit of, or any report of an auditor concerning, a dealing in securities or any accounts or records of a dealer or of an investment adviser; or
(b) give a direction to any person requiring the production, to a person authorized by the Commission to receive them, at such time and place as are specified in the direction, of any books relating to matters mentioned in subparagraph (a)(vi), (vii), (viii), (ix) or (x) that are in the custody or under the control of the person.
(2) The Commission may from time to time authorize a person, on producing (if required to do so) such evidence of his authority as is prescribed:
(a) to require by notice in writing a securities exchange or a person referred to in subparagraph (1)(a)(ii), (iii), (iv), (v) or (va) to produce to the authorized person forthwith or, if a time and place at which the books are to be produced are specified in the notice, at that time and place, such books relating to matters mentioned in subparagraph (1)(a)(vi), (vii), (viii), (ix) or (x) as are specified by the authorized person and are in the custody or under the control of the securities exchange or person of whom the requirement is made; or
(b) to require by notice in writing a securities exchange or any other person to produce to the authorized person forthwith or, if a time and place at which the books are to be produced are specified in the notice, at that time and place, any books relating to matters mentioned in subparagraphs (1)(a)(vi), (vii), (viii), (ix) and (x) that are in the custody or under the control of the securities exchange or other person.
(3) A reference in subsection (1) to a dealing in securities or to a business carried on by a person includes a reference to a dealing in securities by a person as a trustee or to a business carried on by a person as a trustee, as the case may be.
(4) An authorization under subsection (2) may be of general application or may be limited to making requirements of a particular securities exchange or other person or particular securities exchanges or other persons.
(5) Where the Commission, or a person authorized by the Commission, requires the production of any books under this section and a person has a lien on the books, the production of the books does not prejudice the lien.
(6) Where the Commission, or a person authorized by the Commission, exercises a power under this section to require another person to produce books:
(a) if the books are produced, the person to whom the books are produced:
(i) may take possession of the books and make copies of, or take extracts from, the books;
(ii) may require the other person, or any person who was party to the compilation of the books, to make a statement providing any explanation that the person concerned is able to provide as to any matter relating to the compilation of the books or as to any matter to which the books relate;
(iii) may retain possession of the books for such period as is necessary to enable the books to be inspected, and copies of, or extracts from, the books to be made or taken, by or on behalf of the Commission; and
(iv) during that period shall permit a person who would be entitled to inspect any one or more of the books if they were not in the possession of the person to whom the books were produced to inspect at all reasonable times such of the books as that person would be so entitled to inspect; or
(b) if the books are not produced, the Commission or the authorized person may require the other person:
(i) to state, to the best of his knowledge and belief, where the books may be found; and
(ii) to identify the person who, to the best of his knowledge and belief, last had custody of the books and to state, to the best of his knowledge and belief, where that last‑mentioned person may be found.
(6A) A person shall not be subject to any liability by reason that the person complies with a direction given or purporting to have been given under subsection (1), or a requirement made or purporting to have been made under subsection (2).
(7) A power conferred by this section to make a requirement of a person extends, if the person is a body corporate, including a body corporate that is in the course of being wound up, or was a body corporate, being a body corporate that has been dissolved, to making that requirement of any person who is or has been an officer of the body corporate.
(8) For the purposes of subsection (7),
officer , in relation to a body corporate, includes:
(a) a director, secretary, executive officer or employee of the body corporate;
(b) a receiver, or a receiver and manager, of property of the body corporate;
(c) an official manager or a deputy official manager of the body corporate;
(d) a liquidator or provisional liquidator of the body corporate; and
(e) a trustee or other person administering a compromise or arrangement made between the body corporate and another person or other persons.
(1) If a magistrate is satisfied, on information on oath or affirmation laid by an employee of the Commission, or by another person authorized in writing by the Commission, that there are reasonable grounds for suspecting that there are on particular premises in the Territory any books the production of which has been required by virtue of section 8 or by virtue of a provision of a law of a participating State or of a participating Territory that corresponds with section 8 and which have not been produced in compliance with that requirement, the magistrate may issue a warrant authorizing any member of the Australian Federal Police, together with any other person named in the warrant:
(a) to enter those premises (using such force as is necessary for the purpose);
(b) to search the premises and to break open and search any cupboard, drawer, chest, trunk, box, package or other receptacle, whether a fixture or not, in the premises;
(c) to take possession of, or secure against interference, any books that appear to be books the production of which was so required; and
(d) to deliver any books possession of which is so taken into the possession of a person authorized by the Commission to receive them.
(2) The information laid for the purposes of subsection (1) shall state that the person laying the information suspects that there are on particular premises in the Territory books the production of which has been required under section 8 or under a provision of a law of a participating State or of a participating Territory that corresponds with section 8 and which have not been produced in compliance with that requirement and shall specify the grounds on which the person so suspects.
(2A) Where a magistrate issues a warrant under subsection (1), he shall state on the information laid under that subsection:
(a) which of the grounds set out in the information as required by subsection (2) he has relied on to justify the issue of the warrant; and
(b) particulars of any other grounds relied on by him to justify the issue of the warrant.
(2B) There shall be stated in a warrant issued under this section:
(a) whether entry is authorized to be made at any time of the day or night or during specified hours of the day or night; and
(b) a date, being a date not later than 7 days after the date of issue of the warrant, upon which the warrant ceases to have effect.
(3) Where, under this section, a person takes possession of, or secures against interference, any books, and a person has a lien on the books, the taking of possession of the books or the securing of the books against interference does not prejudice the lien.
(4) Where, under this section, a person takes possession of, or secures against interference, any books, that person or any person to whose possession the books were delivered under paragraph (1)(d):
(a) may make copies of, or take extracts from, the books;
(b) may require any person who was a party to the compilation of the books to make a statement providing any explanation that that person is able to provide as to any matter relating to the compilation of the books or as to any matter to which the books relate;
(c) may retain possession of the books for such period as is necessary to enable the books to be inspected, and copies of, or extracts from, the books to be made or taken, by or on behalf of the Commission; and
(d) during that period shall permit a person who would be entitled to inspect any one or more of the books if they were not in the possession of the first‑mentioned person to inspect at all reasonable times such of the books as that person would be so entitled to inspect.
(5) The powers conferred by this section are in addition to, and not in derogation of, any other powers conferred by law.
(6) In this section,
premises includes any structure, building, aircraft, vehicle, vessel or place (whether built upon or not) and any part of such a structure, building, aircraft, vehicle, vessel or place.
(1) A person shall not, without reasonable excuse, refuse or fail to comply with a requirement made under section 8 or 9.
Penalty: $10,000 or imprisonment for 2 years, or both.
(2) A person shall not, in purported compliance with a requirement made under section 8 or 9, furnish information or make a statement that is false or misleading in a material particular.
Penalty: $10,000 or imprisonment for 2 years, or both.
(2A) It is a defence to a prosecution for an offence against subsection (2) if the defendant proves that he believed on reasonable grounds that the information or statement was true and was not misleading.
(3) A person shall not, without reasonable excuse, obstruct or hinder:
(a) the Commission or another person in the exercise of any power under section 8; or
(b) a person executing a warrant issued under section 9.
Penalty: $10,000 or imprisonment for 2 years, or both.
(4) The occupier or person in charge of any premises that a person enters pursuant to a warrant referred to in subsection 9(1) shall provide the last‑mentioned person with all reasonable facilities and assistance for the effective exercise of his powers under the warrant.
Penalty: $2,500 or imprisonment for 6 months, or both.
(5) A person is not excused from making a statement providing an explanation as to any matter relating to the compilation of any books or as to any matter to which any books relate pursuant to a requirement made of him in accordance with section 8 or 9 on the ground that the statement might tend to incriminate him but, where the person claims before making a statement that the statement might tend to incriminate him, the statement is not admissible in evidence against him in criminal proceedings other than proceedings under this section.
(6) Subject to subsection (5), a statement made by a person in compliance with a requirement made under section 8 or 9 may be used in evidence in any criminal or civil proceedings against the person.
(1) Subject to this section, in any legal proceedings (whether proceedings under this Act or otherwise), a copy of or extract from a book relating to a matter mentioned in subparagraph 8(1)(a)(vi), (vii), (viii), (ix) or (x) is admissible in evidence as if it were the original book or the relevant part of the original book.
(2) A copy of or extract from a book is not admissible in evidence under subsection (1) unless it is proved that the copy or extract is a true copy of the book or of the relevant part of the book.
(3) For the purposes of subsection (2), evidence that a copy of or extract from a book is a true copy of the book or of a part of the book may be given by a person who has compared the copy or extract with the book or the relevant part of the book and may be given either orally or by an affidavit sworn, or by a declaration made, before a person authorized to take affidavits or statutory declarations.
(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 requirement, except to the extent that he is able to comply with the requirement without disclosing any privileged communication referred to in paragraph (b), 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) if the communication was made in writing—sufficient particulars to identify the document containing the communication.
Penalty: $1,000 or imprisonment for 3 months, or both.
(1) The Commission may require a dealer to disclose to the Commission, in relation to any acquisition or disposal of securities, the name of the person from or through whom or on whose behalf the securities were acquired or to or through whom or on whose behalf the securities were disposed of and the nature of the instructions given to the dealer in respect of the acquisition or disposal.
(2) The Commission may require a person who has acquired or disposed of securities to disclose to the Commission whether he acquired or disposed of those securities, as the case may be, as trustee for, or for or on behalf of, another person and, if he acquired or disposed of those securities as trustee for, or for or on behalf of, another person, to disclose the name of that other person and the nature of any instructions given to the first‑mentioned person in respect of the acquisition or disposal.
(3) The Commission may require a securities exchange to disclose to the Commission, in relation to an acquisition or disposal of securities on the stock market of that securities exchange, the names of the members of that securities exchange who acted in the acquisition or disposal.
(3A) Where the Commission considers:
(a) that it may be necessary to prohibit trading in securities of, or made available by, a body corporate;
(b) that a person may have contravened section 123, 124, 125, 126, 127, 128 or 132 in relation to securities of, or made available by, a body corporate;
(c) that a person may have contravened a provision of Division 4 of Part IV of the
Companies Act 1981 in relation to shares in a body corporate;(d) that an acquisition of shares in a body corporate may have occurred in circumstances of a kind referred to in subsection 60(1) of the
Companies (Acquisition of Shares) Act 1980 ; or(e) that a person may have engaged in conduct that has had a result of a kind referred to in subsection 60(3) of the
Companies (Acquisition of Shares) Act 1980 ;the Commission:
(f) may require:
(i) in a case to which paragraph (a), (b), (c) or (d) applies—a director, secretary or executive officer of the body corporate referred to in that paragraph; or
(ii) in a case to which paragraph (e) applies—a director, secretary or executive officer of a body corporate in relation to shares in which, or affairs of which, that conduct was engaged in;
to disclose to the Commission any information of which he is aware, being information that might have affected any dealing that has taken place, or that might affect any dealing that may take place, in securities of, or made available by, the body corporate of which he is the director, secretary or executive officer, as the case may be; and
(g) may require a person whom the Commission believes on reasonable grounds to be capable of giving information concerning:
(i) any dealing in relevant securities;
(ii) any advice given by a dealer, an investment adviser, a dealer’s representative or an investment representative concerning relevant securities;
(iii) the issuing or publication of a report or analysis by a dealer, an investment adviser, a dealer’s representative or an investment representative concerning relevant securities;
(iv) the financial position of any business carried on by a person who is or has been (either alone or together with another person or other persons) a dealer or an investment adviser and has dealt in, or given advice concerning, as the case may be, relevant securities;
(v) the financial position of any business carried on by a nominee controlled by a person referred to in subparagraph (iii) or jointly controlled by 2 or more persons at least one of whom is a person referred to in that subparagraph; or
(vi) an audit of, or any report of an auditor concerning, any accounts or records of a dealer or of an investment adviser, being accounts or records relating to dealings in relevant securities;
to disclose to the Commission the information that the person has in relation to the matters concerning which the Commission believes that the person is capable of giving information.
(3B) For the purposes of paragraph (3A)(g),
relevant securities means:
(a) in a case to which paragraph (3A)(a), (b), (c) or (d) applies—securities of, or made available by, the body corporate referred to in that paragraph; and
(b) in a case to which paragraph (3A)(e) applies—securities of, or made available by, the body corporate in relation to shares in which, or affairs of which, the conduct referred to in that paragraph was engaged in.
(3C) A person is not excused from disclosing information to the Commission pursuant to a requirement made of him under subsection (3A) on the ground that the disclosure of the information might tend to incriminate him.
(3CA) Where a person claims, before making an oral statement disclosing information that he is required to disclose by a requirement made of him under subsection (3A), that the statement might tend to incriminate him, evidence of that statement is not admissible in evidence against him in criminal proceedings other than proceedings under this section.
(3D) Where, pursuant to paragraph (3A)(f) or (g), the Commission requires a person to disclose information to the Commission, the Commission shall give, or cause to be given, to the person, at the time when the requirement is made, a notice in the prescribed form.
(4) A person shall not, without reasonable excuse, fail to comply with a requirement of the Commission under subsection (1), (2), (3) or (3A).
Penalty: $5,000 or imprisonment for 1 year, or both.
(5) A person shall not, in purported compliance with a requirement of the Commission under subsection (1), (2), (3) or (3A), disclose information, or make a statement, that is false or misleading in a material particular.
Penalty: $10,000 or imprisonment for 2 years.
(6) It is a defence to a prosecution for an offence against subsection (5) if the defendant proves that he believed on reasonable grounds that the information or statement was true and was not misleading.
(7) In this section:
(a) a reference to disclosing information includes, in relation to information that is contained in a document, a reference to furnishing the document; and
(b) a reference to an acquisition of securities includes, where a person is, for the purposes of the
Companies (Acquisition of Shares) Act 1980 , taken to acquire shares in a company, a reference to the acquisition of the shares.(8) A person shall not be subject to any liability by reason that the person complies with a requirement made or purporting to have been made under this section.
Where the Commission has reason to suspect that:
(a) an offence under a provision of a relevant Act or against any other law with respect to dealing in securities; or
(b) an offence relating to securities that involves fraud or dishonesty;
may have been committed, the Commission may make such investigation as the Commission thinks expedient for the due administration of a relevant Act.
(1) Where:
(a) on the application of the Commission, it appears to the Court that a person has contravened this Act, or any other law in force in the Territory relating to trading or dealing in securities, or has contravened the conditions or restrictions of a licence or the business rules or listing rules of a securities exchange or is about to do an act with respect to trading or dealing in securities that, if done, would be such a contravention; or
(b) on the application of a securities exchange, it appears to the Court that a person has contravened the business rules or listing rules of the securities exchange;
the Court may make such order or orders as it thinks fit, including, but without limiting the generality of the foregoing, one or more of the following orders, namely:
(c) in the case of persistent or continuing breaches of this Act, or of any other law in force in the Territory relating to trading or dealing in securities, of the conditions or restrictions of a licence, or of the business rules or listing rules of a securities exchange—an order restraining a person from carrying on a business of dealing in securities, acting as an investment adviser or as a dealer’s representative or investment representative, or from holding himself out as so carrying on business or so acting;
(d) an order restraining a person from acquiring, disposing of or otherwise dealing with any securities that are specified in the order;
(e) an order appointing a receiver of the property of a dealer or of property that is held by a dealer for or on behalf of another person, whether on trust or otherwise;
(f) an order declaring a contract relating to securities to be void or voidable;
(g) for the purpose of securing compliance with any other order under this section, an order directing a person to do or refrain from doing a specified act;
(h) any ancillary order deemed to be desirable in consequence of the making of an order under any of the preceding provisions of this subsection.
(1A) Where an application is made to the Court for an order under subsection (1), the Court may, if in the opinion of the Court it is desirable to do so, before considering the application, grant an interim order, being an order of the kind applied for that is expressed to have effect pending the determination of the application.
(1B) Where the Commission makes an application to the Court for the making of an order under subsection (1), the Court shall not require the Commission or any other person, as a condition of granting an interim order under subsection (1A), to give any undertakings as to damages.
(iii) after the conviction referred to in subparagraph (i) or (ii), or after the earlier of the convictions referred to in subparagraphs (i) and (ii), as the case may be; and
(iv) before the relevant day in relation to the relevant offence; and
(d) in a case where, at a particular time during the relevant period, the derivative offender is first convicted of a secondary derivative offence, or is convicted of a second or subsequent secondary derivative offence, in relation to failure to do the act—the derivative offender is, in relation to failure to do the act, guilty of a further offence in respect of so much of the relevant period as elapses after that time and before the relevant day in relation to the further offence.
(5) Notwithstanding subsection 141(6), where a person is guilty, by virtue of subsection (3) or (4) of this section, of an offence in respect of the whole or a part of a particular period, the penalty applicable to the offence is a fine of the amount obtained by multiplying $50 by the number of days in that period, or in that part of that period, as the case may be.
(6) In this section:
act includes thing.
primary derivative offence , in relation to failure to do an act, means an offence (other than an offence of which a person is guilty by virtue of this section) of which a person is guilty by virtue of being an officer of a body corporate who is in any way, by act or omission, directly or indirectly, knowingly concerned in or party to the commission by the body corporate of a primary substantive offence in relation to failure to do the act.
primary substantive offence , in relation to failure to do an act, means an offence (other than an offence of which a person is guilty by virtue of this section) constituted by failure to do the act, or by failure to do the act within a particular period or before a particular time.
provision means a section, or a subsection of a section, of this Act.
relevant day , in relation to an offence of which a person is guilty by virtue of this section, means:
(a) in a case where the information relating to the offence specifies a day in relation to the offence for the purposes of this section, being a day not later than the day on which the information is laid—the day the information so specifies; or
(b) in any other case—the day on which the information relating to the offence is laid.
required includes directed.
secondary derivative offence , in relation to failure to do an act, means an offence or further offence of which a person is, in relation to failure to do the act, guilty by virtue of paragraph (4)(c) or (d).
substantive offence , in relation to failure to do an act, means:
(a) a primary substantive offence in relation to failure to do the act; or
(b) a further offence of which a person is, in relation to failure to do the act, guilty by virtue of subsection (3).
(7) Subsections (1) to (6), inclusive, of this section do not apply in relation to an obligation to do an act or thing, being an obligation that arose before the commencement of section 198 of the
Companies and Securities Legislation (Miscellaneous Amendments) Act 1985 , and, notwithstanding the repeal effected by that section, section 142 of this Act as in force at any time before that commencement continues to have effect in relation to such an obligation.
(1) Where a body corporate is guilty of an offence against this Act (other than an offence of which the body corporate is guilty by virtue of subsection 142(3) or (4) of this Act as in force after the commencement of section 198 of the
Companies and Securities Legislation (Miscellaneous Amendments) Act 1985 ):
(a) any officer of the body corporate (including a person who has subsequently ceased to be an officer of the body corporate) who was in any way, by act or omission, directly or indirectly, knowingly concerned in or party to the commission of the offence is guilty of an offence; and
(b) notwithstanding subsection 141(6), the penalty applicable to an offence of which such an officer is guilty by virtue of paragraph (a) of this subsection is the penalty applicable to the offence of which the body corporate is guilty.
(2) For the purposes of this section,
officer , in relation to a body corporate, includes:
(a) a director, secretary, executive officer or employee of the body corporate;
(b) a receiver, or a receiver and manager, of property, of the body corporate;
(c) an official manager or a deputy official manager of the body corporate;
(d) a liquidator of the body corporate; and
(e) a trustee or other person administering a compromise or arrangement made between the body corporate and another person or other persons.
(1) Where a prosecution in respect of an offence against this Act has been instituted, or the Commission is of the opinion that a prosecution in respect of an offence against this Act ought to be instituted, against a person (in this section referred to as the
defendant ), the Commission may:
(a) if the defendant is a natural person—require any person who is or was a partner, employee or agent of the defendant; or
(b) if the defendant is a body corporate—require any person who is or was an officer, employee or agent of the defendant;
to assist in the prosecution, and a person who is so required shall give all assistance in connection with the prosecution that that person is reasonably able to give.
(2) The Commission shall not make such a requirement as is mentioned in subsection (1) of a person who, in the opinion of the Commission, is or is likely to be a defendant in the proceedings or is or has been a duly qualified legal practitioner acting for such a person.
(3) If a person to whom paragraph (1)(a) or (b) relates fails to give assistance as required by subsection (1), he is guilty of an offence and, without affecting any penalty to which he may be liable for the offence, the Court may, on the application of the Commission, order that person to comply with the requirement within such time, and in such manner, as the Court orders.
(4) In this section,
agent , in relation to the defendant, includes a banker of the defendant and a person engaged as an auditor by the defendant, whether that person is an employee or an officer of the defendant or not.
If a person does or omits to do an act or thing in the Territory and that person, if he had done or had omitted to do that act or thing in a State or in another Territory, would have been guilty of an offence against the provision of a law of that State or Territory that corresponds with a provision of this Act, that person is guilty of an offence against that provision of this Act.
If a person does or omits to do an act or thing outside the Territory and that person, if he had done or omitted to do that act or thing in the Territory, would, by reason of his also having done or omitted to do an act or thing in the Territory, have been guilty of an offence against this Act, that person is guilty of that offence.
(1) Where:
(a) an investigation is being carried out under this Act in relation to any act or omission by a person, being an act or omission that constitutes or may constitute an offence against this Act;
(b) a prosecution has been instituted against a person for an offence against this Act; or
(c) a civil proceeding has been instituted against a person under this Act;
and the Court considers it necessary or desirable to do so for the purpose of protecting the interests of any persons to whom the person referred to in paragraph (a), (b) or (c), as the case may be (in this section referred to as the
relevant person ), is liable or may be or become liable to pay any moneys, whether in respect of a debt, or by way of damages or compensation or otherwise, or to account for any securities or other property, the Court may, on application by the Commission, make any one or more of the following orders:
(d) an order prohibiting, either absolutely or subject to conditions, a person who is indebted to the relevant person or to any person associated with the relevant person from making a payment in total or partial discharge of the debt to, or to another person at the direction or request of, the person to whom the debt is owed;
(e) an order prohibiting, either absolutely or subject to conditions, a person holding money, or securities or other property, on behalf of the relevant person or on behalf of any person associated with the relevant person from paying all or any of the money, or transferring, or otherwise parting with possession of, the securities or other property, to, or to another person at the direction or request of, the person on whose behalf the money, or the securities or other property, is or are held;
(f) an order prohibiting, either absolutely or subject to conditions, the taking or sending out of the Territory, or out of Australia, of moneys of the relevant person or of any person associated with the relevant person;
(g) an order prohibiting, either absolutely or subject to conditions, the taking, sending or transfer of securities or other property of the relevant person or of any person who is associated with the relevant person from a place in the Territory to a place outside the Territory (including the transfer of securities from a register in the Territory to a register outside the Territory) or from a place in Australia to a place outside Australia (including the transfer of securities from a register in Australia to a register outside Australia);
(h) an order appointing:
(i) where the relevant person is a natural person—a receiver or trustee, having such powers as the Court orders, of the property or part of the property of that person; or
(ii) where the relevant person is a body corporate—a receiver or receiver and manager, having such powers as the Court orders, of the property or part of the property of that person;
(j) where the relevant person is a natural person—an order requiring that person to deliver up to the Court his passport and such other documents as the Court thinks fit;
(k) where the relevant person is a natural person—an order prohibiting that person from leaving Australia without the consent of the Court.
(1A) Where an application is made to the Court for an order under subsection (1), the Court may, if in the opinion of the Court it is desirable to do so, before considering the application, grant an interim order, being an order of the kind applied for that is expressed to have effect pending the determination of the application.
(1B) Where the Commission makes an application to the Court for the making of an order under subsection (1), the Court shall not require the Commission or any other person, as a condition of granting an interim order under subsection (1A), to give any undertakings as to damages.
(2) Where the Court has made an order under this section, the Court may, on application by the Commission or by any person affected by the order, make a further order rescinding or varying the first‑mentioned order.
(3) An order made under this section may be expressed to operate for a period specified in the order or until the order is rescinded by a further order under this section.
(4) A person shall not contravene or fail to comply with an order by the Court under this section that is applicable to him.
Penalty: $2,500 or imprisonment for 6 months, or both.
(1) The Commission may intervene in any proceeding relating to a matter arising under this Act.
(2) Where the Commission intervenes in any proceeding referred to in subsection (1), the Commission shall be deemed to be a party to the proceeding and, subject to this Act, has all the rights, duties and liabilities of such a party.
(3) Without limiting the generality of subsection (2), the Commission may appear and be represented in any proceeding in which it wishes to intervene pursuant to subsection (1):
(a) by an employee of the Commission;
(b) by a natural person to whom, or by an officer or employee of a person to whom or to which, the Commission has delegated its functions and powers under this Act or such of those functions and powers as relate to a matter to which the proceeding relates; or
(c) by solicitor or counsel.
(1) Where a person has engaged, is engaging or is proposing to engage in any conduct that constitutes or would constitute a contravention of this Act, the Court may, on the application of:
(a) the Commission; or
(b) any person whose interests have been, are or would be affected by the conduct;
grant an injunction restraining the first‑mentioned person from engaging in the conduct and, if in the opinion of the Court it is desirable to do so, requiring that person to do any act or thing.
(1A) Where a person has refused or failed, is refusing or failing, or is proposing to refuse or fail, to do an act or thing that he is required by this Act to do, the Court may, on the application of:
(a) the Commission; or
(b) any person whose interests have been, are or would be affected by the refusal or failure to do that act or thing;
grant an injunction requiring the first‑mentioned person to do that act or thing.
(2) Where an application is made to the Court for an injunction under subsection (1), the Court may, if in the opinion of the Court it is desirable to do so, before considering the application, grant an interim injunction restraining a person from engaging in conduct of the kind referred to in subsection (1) pending the determination of the application.
(3) The Court may rescind or vary an injunction granted under subsection (1), (1A) or (2).
(4) Where an application is made to the Court for the grant of an injunction restraining a person from engaging in conduct of a particular kind, the power of the Court to grant the injunction may be exercised:
(a) if the Court is satisfied that the person has engaged in conduct of that kind—whether or not it appears to the Court that the person intends to engage again, or to continue to engage, in conduct of that kind; or
(b) if it appears to the Court that, in the event that an injunction is not granted, it is likely that the person will engage in conduct of that kind—whether or not the person has previously engaged in conduct of that kind and whether or not there is an imminent danger of substantial damage to any person if the first‑mentioned person engages in conduct of that kind.
(4A) Where an application is made to the Court for a grant of an injunction requiring a person to do a particular act or thing, the power of the Court to grant the injunction may be exercised:
(a) if the Court is satisfied that the person has refused or failed to do that act or thing—whether or not it appears to the Court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act or thing; or
(b) if it appears to the Court that, in the event that an injunction is not granted, it is likely the person will refuse or fail to do that act or thing—whether or not the person has previously refused or failed to do that act or thing and whether or not there is an imminent danger of substantial damage to any person if the first‑mentioned person refuses or fails to do that act or thing.
(5) Where the Commission makes an application to the Court for the grant of an injunction under this section, the Court shall not require the Commission or any other person, as a condition of granting an interim injunction, to give any undertakings as to damages.
(6) Where the Court has power under this section to grant an injunction restraining a person from engaging in particular conduct, or requiring a person to do a particular act or thing, the Court may, either in addition to or in substitution for the grant of the injunction, order that person to pay damages to any other person.
Nothing in a provision of this Act that provides:
(a) that a person shall not contravene or fail to comply with an order of the Court; or
(b) that a person who contravenes or fails to comply with an order of the Court is guilty of an offence;
affects the powers of the Court in relation to the punishment of contempts of the Court.
(1) The Governor‑General may make regulations, not inconsistent with this Act, prescribing all matters required or permitted by this Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to this Act, and, in particular, matters for or in relation to:
(a) the forms to be used for the purposes of this Act;
(b) the publication of advertisements offering the services of dealers or investment advisers or offering securities for purchase or sale, and the form and content of those advertisements;
(c) the form of balance sheets and profit and loss accounts required by this Act to be prepared by dealers;
(d) the furnishing to the Commission of information in addition to, or in variation of, the information contained in a prescribed form lodged with it;
(e) the manner in which, the persons by whom, and the directions in accordance with which, the prescribed forms, or any of them, shall or may be signed, prepared or completed, and the regulation generally of the signing, preparation and completion of those forms or any of them;
(f) the times within which information required to be furnished to the Commission pursuant to this Act shall be so furnished; and
(g) the manner in which:
(i) orders made under this Act may be served on persons affected by the orders; and
(ii) documents that are required or permitted by this Act to be served on a person may be so served.
(1A) The regulations:
(a) may prescribe offences against this Act (not being offences the penalties applicable to which include a term of imprisonment or a pecuniary penalty that exceeds $1,000), or offences against the regulations, for the purposes of section 141A; and
(b) shall, in relation to each offence that is prescribed pursuant to this subsection:
(i) prescribe the particulars of that offence that are to be given in a notice served on a person under section 141A in relation to the offence; and
(ii) prescribe the amount of the penalty (being an amount that does not exceed half the amount of the penalty applicable to the offence) that is payable in respect of the offence pursuant to a notice served on a person under section 141A in relation to the offence.
(1B) In subsection (1A), a reference to a penalty applicable to an offence is a reference to the penalty that is applicable to that offence by virtue of any of the provisions of section 141.
(1C) The particulars of an offence required to be prescribed by subparagraph (1A)(b) (i) may be prescribed by being set out in the form prescribed for the purposes of section 141A in relation to the offence.
(2) The regulations may provide that, subject to any prescribed terms and conditions, the provisions of this Act or any of those provisions:
(a) do not have effect in relation to a specified person or to a person who is a member of a specified class of persons:
(i) who is or may be a dealer or investment adviser by reason only of his doing anything that is incidental to another business;
(ii) who does not deal in securities for or on behalf of any other person; or
(iii) who is a dealer or investment adviser by reason only of the entering into by him of any specified transaction or class of transactions;
(b) do not have effect in relation to the representative of a person referred to in paragraph (a);
(c) have effect in relation to a person referred to in paragraph (a) or (b) to such extent only as is prescribed;
(ca) do not have effect in relation to a specified transaction or class of transactions; or
(d) do not have effect in relation to a specified transaction or class of transactions entered into by a specified person or class of persons.
(3) Except as otherwise expressly provided in this Act, the regulations may be of general or specially limited application or may differ according to differences in time, locality, place or circumstance.
(4) Regulations for the purposes of subsection 19(11) may be made by reference to a scale of expenses for witnesses who attend before a court specified in the regulations, being a federal court or the Supreme Court of a State or Territory.
(5) The power of the Governor‑General to make regulations shall be exercised only in accordance with advice that is consistent with resolutions of the Ministerial Council.
The power to make rules of court conferred by section 28 of the
Australian Capital Territory Supreme Court Act 1933 extends to making rules of court, not inconsistent with this Act, with respect to proceedings, and the practice and procedure, of the Court under this Act and, in particular, with respect to costs of and incidental to any such proceedings.
The
Act | Number and year | Date of Assent | Date of commencement | Application, saving or transitional provisions |
66, 1980 | 28 May 1980 | 1 July 1981 ( | ||
3, 1981 | 5 Mar 1981 | 1 July 1981 ( | — | |
96, 1981 | 18 June 1981 | Part II (ss. 3‑28): 1 Oct 1981 (
Part III (ss. 29‑39): 1 July 1982 ( Remainder: Royal Assent | — | |
153, 1981 | 26 Oct 1981 | Part IV (ss. 8‑15): 1 Mar 1982 ( | — | |
26, 1982 | 7 May 1982 | Part XXXVI (ss. 207‑213): 4 June 1982 | — | |
108, 1983 | 8 Dec 1983 | Part I (ss. 1, 2): Royal Assent
Remainder: 1 Jan 1984 ( | — | |
13, 1984 | 10 Apr 1984 | Part I (ss. 1, 2): Royal Assent
Remainder: 28 May 1984 ( | — | |
192, 1985 | 16 Dec 1985 | Ss. 164, 165(1), 166‑197 and 200: 31 Mar 1986 (
S. 165(2):
Ss. 198 and 199: 31 Mar 1986 ( | — | |
74, 1986 | 24 June 1986 | 1 July 1986 ( | — | |
6, 1987 | 13 Mar 1987 | Part I (ss. 1, 2): Royal Assent
Remainder: 1 Apr 1987 ( | — | |
92, 1989 | 27 June 1989 | Ss. 33‑41: 1 July 1989 (
Ss. 42‑62: 1 Nov 1989 ( | — |
(a) TheSecurities Industry Act 1980 was amended by Part IV (sections 8‑15) only of theCompanies and Securities Legislation (Miscellaneous Amendments) Act 1981 , subsection 2(2) of which provides as follows:
(2) Parts II, III, IV and VI shall come into operation on such date as is, or on such respective dates as are, fixed by Proclamation.
(b) TheSecurities Industry Act 1980 was amended by Part XXXVI (sections 207‑213) only of theStatute Law (Miscellaneous Amendments) Act (No. 1) 1982 , subsection 2(12) of which provides as follows:
(12) The remaining provisions of this Act shall come into operation on the twenty‑eighth day after the day on which this Act receives the Royal Assent.
(c) TheSecurities Industry Act 1980 was amended by sections 164‑200 only of theCompanies and Securities Legislation (Miscellaneous Amendments) Act 1985 , subsections 2(1), (5) and (9) of which provide as follows:
(1) Subject to this section, the provisions of this Act shall come into operation on such day as is, or on such respective days as are, fixed by Proclamation.
(5) Subsection 25(2) and sections 26, 127, 128, 198 and 199 shall come into operation on a day to be fixed by Proclamation.
(9) Section 63 and subsection 165(2) shall come into operation on 1 July 1987.
(d) TheSecurities Industry Act 1980 was amended by sections 33‑62 only of theCo‑operative Scheme Legislation Amendment Act 1989 , subsection 2(5) of which provides as follows:
(5) Subject to subsection (6), the remaining provisions of this Act commence on a day or days to be fixed by Proclamation.
|
Provision affected | How affected |
Heading to Part IA.................... | ad. No. 92, 1989 |
S. 3A......................................... | ad. No. 92, 1989 |
S. 4........................................... |
|
S. 5........................................... | am. Nos. 3 and 96, 1981; No. 192, 1985 |
S. 6........................................... | am. No. 96, 1981; No. 192, 1985 |
Ss. 6A‑6J.................................. | ad. No. 92, 1989 |
S. 8........................................... |
|
Ss. 9, 10................................... | am. Nos. 3 and 96, 1981 |
S. 10A....................................... | ad. No. 3, 1981 |
am. No. 96, 1981 | |
S. 11......................................... | am. Nos. 3 and 96, 1981 |
rs. No. 153, 1981 | |
S. 12......................................... |
|
S. 13......................................... | rs. No. 192, 1985 |
S. 14......................................... |
|
S. 15......................................... | am. No. 192, 1985 |
S. 16......................................... | am. No. 153, 1981 |
S. 17......................................... | am. No. 96, 1981 |
S. 19......................................... | am. Nos. 3 and 96, 1981 |
S. 20......................................... | am. No. 96, 1981 |
S. 21......................................... | rs. No. 3, 1981 |
am. No. 192, 1985 | |
S. 22......................................... | am. No. 192, 1985 |
S. 23......................................... | am. No. 96, 1981; No. 192, 1985 |
S. 24......................................... | am. No. 3, 1981; No. 192, 1985 |
Ss. 25, 26................................. | am. No. 192, 1985 |
S. 27......................................... | am. No. 3, 1981; No. 192, 1985 |
S. 30......................................... | am. No. 192, 1985 |
S. 32......................................... | am. No. 3, 1981 |
S. 35......................................... | am. No. 192, 1985 |
| ad. No. 6, 1987 |
Ss. 36A‑36T.............................. | ad. No. 6, 1987 |
Heading to Part III..................... | am. No. 192, 1985 |
S. 37......................................... | am. No. 192, 1985 |
S. 38......................................... | am. No. 153, 1981; No. 13, 1984; No. 192, 1985 |
Ss. 38A, 38B............................. | ad. No. 192, 1985 |
Ss. 39‑41.................................. | am. No. 192, 1985 |
S. 42......................................... | am. No. 96, 1981; No. 192, 1985 |
S. 42A....................................... | ad. No. 192, 1985 |
S. 42B....................................... | ad. No. 6, 1987 |
Heading to Part IV.................... | rs. No. 92, 1989 |
Heading to Div. 1 of Part IV...... | ad. No. 92, 1989 |
S. 43......................................... | rs. No. 92, 1989 |
S. 44......................................... | rep. No. 92, 1989 |
S. 45......................................... | rs. No. 92, 1989 |
S. 46......................................... | rep. No. 92, 1989 |
S. 47......................................... | rs. No. 92, 1989 |
S. 48......................................... | am. No. 96, 1981; No. 108, 1983 |
rs. No. 92, 1989 | |
Ss. 48A, 48B............................. | ad. No. 92, 1989 |
S. 49......................................... | am. No. 3, 1981 |
rep. No. 92, 1989 | |
S. 50......................................... | am. No. 153, 1981 |
rep. No. 92, 1989 | |
S. 51......................................... |
|
S. 52......................................... | am. No. 92, 1989 |
S. 54......................................... | am. No. 74, 1986; No. 92, 1989 |
Ss. 55, 56................................. | rs. No. 92, 1989 |
S. 57......................................... | am. No. 92, 1989 |
S. 59......................................... | am. No. 96, 1981; No. 108, 1983 |
rep. No. 92, 1989 | |
| ad. No. 92, 1989 |
Ss. 59A‑59L.............................. | ad. No. 92, 1989 |
S. 60......................................... | am. No. 96, 1981; No. 108, 1983; No. 192, 1985 |
rep. No. 92, 1989 | |
| ad. No. 92, 1989 |
Ss. 60A‑60L.............................. | ad. No. 92, 1989 |
S. 61......................................... | rep. No. 92, 1989 |
| ad. No. 92, 1989 |
Ss. 61A‑61F.............................. | ad. No. 92, 1989 |
S. 62......................................... | rep. No. 92, 1989 |
| ad. No. 92, 1989 |
| ad. No. 92, 1989 |
Heading to Div. 1 of Part V....... | ad. No. 92, 1989 |
S. 64......................................... | am. No. 13, 1984; No. 192, 1985; No. 92, 1989 |
S. 65......................................... | am. No. 192, 1985 |
rep. No. 92, 1989 | |
S. 65A....................................... | ad. No. 192, 1985 |
rep. No. 92, 1989 | |
S. 66......................................... | am. No. 96, 1981; No. 192, 1985 |
S. 67......................................... | am. No. 26, 1982 |
Heading to Div. 2 of Part V....... | ad. No. 92, 1989 |
S. 68......................................... | am. No. 192, 1985 |
S. 68A....................................... | ad. No. 192, 1985 |
| ad. No. 92, 1989 |
Ss. 68B‑68G............................. | ad. No. 92, 1989 |
S. 70......................................... | am. No. 74, 1986 |
S. 71......................................... | am. No. 192, 1985 |
S. 73......................................... | am. No. 153, 1981; No. 192, 1985 |
S. 75......................................... | rs. No. 96, 1981 |
S. 76......................................... | am. No. 96, 1981; No. 74, 1986 |
S. 78......................................... | am. No. 96, 1981 |
Ss. 79, 80................................. | am. No. 192, 1985 |
S. 81......................................... | rs. No. 96, 1981 |
am. No. 192, 1985 | |
S. 82......................................... | am. No. 192, 1985 |
S. 83......................................... | am. No. 26, 1982 |
S. 87......................................... | am. No. 192, 1985; No. 92, 1989 |
S. 88......................................... | rs. No. 92, 1989 |
S. 90......................................... | rs. No. 92, 1989 |
S. 90A....................................... | ad. No. 92, 1989 |
S. 91......................................... | am. No. 108, 1983 |
rs. No. 92, 1989 | |
S. 93......................................... | am. No. 96, 1981 |
rs. No. 92, 1989 | |
S. 94A....................................... | ad. No. 13, 1984 |
rs. No. 6, 1987 | |
S. 95......................................... | am. No. 13, 1984 |
rs. No. 6, 1987 | |
S. 96......................................... | am. No. 6, 1987 |
S. 97......................................... | am. No. 96, 1981; No. 108, 1983; No. 6, 1987 |
Ss. 98, 99................................. | am. No. 6, 1987 |
| ad. No. 6, 1987 |
S. 100....................................... | am. No. 192, 1985; No. 6, 1987 |
S. 101....................................... | am. No. 192, 1985 |
S. 103....................................... | am. No. 192, 1985 |
S. 103A..................................... | ad. No. 74, 1986 |
Ss. 104, 105............................. | am. No. 192, 1985 |
Ss. 106, 107............................. | am. No. 13, 1984; No. 192, 1985 |
Ss. 108, 109............................. | am. No. 192, 1985 |
S. 110....................................... | am. No. 96, 1981; No. 192, 1985 |
S. 111....................................... | am. No. 108, 1983; No. 13, 1984; No. 192, 1985 |
S. 112....................................... | am. No. 192, 1985; No. 6, 1987 |
Ss. 113, 114............................. | am. No. 192, 1985 |
S. 115....................................... | am. No. 13, 1984; No. 192, 1985 |
Ss. 117‑120.............................. | am. No. 192, 1985 |
S. 121....................................... | am. No. 108, 1983; No. 192, 1985 |
S. 122....................................... | am. No. 192, 1985 |
| ad. No. 6, 1987 |
S. 122AA.................................. | ad. No. 6, 1987 |
am. No. 92, 1989 | |
Ss. 122AB‑122AD.................... | ad. No. 6, 1987 |
Ss. 122BA‑122BC.................... | ad. No. 6, 1987 |
Ss. 122CA‑122CC.................... | ad. No. 6, 1987 |
S. 122CD.................................. | ad. No. 6, 1987 |
am. No. 92, 1989 | |
Ss. 122DA‑122DD.................... | ad. No. 6, 1987 |
Ss. 122EA‑122EC.................... | ad. No. 6, 1987 |
Ss. 122FA‑122FC..................... | ad. No. 6, 1987 |
Ss. 122GA‑122GE.................... | ad. No. 6, 1987 |
Ss. 122H‑122P......................... | ad. No. 6, 1987 |
| ad. No. 92, 1989 |
Ss. 122PA‑122PK..................... | ad. No. 92, 1989 |
Ss. 122Q‑122U......................... | ad. No. 6, 1987 |
S. 122V..................................... | ad. No. 6, 1987 |
am. No. 92, 1989 | |
Ss. 122W‑122Z......................... | ad. No. 6, 1987 |
Heading to Div. 8 of Part IXA | rs. No. 92, 1989 |
Ss. 122YA‑122YC.................... | ad. No. 6, 1987 |
S. 122YD.................................. | ad. No. 6, 1987 |
rs. No. 92, 1989 | |
Ss. 122YE‑122YG.................... | ad. No. 6, 1987 |
S. 122YH.................................. | ad. No. 6, 1987 |
am. No. 92, 1989 | |
Ss. 122YJ, 122YK.................... | ad. No. 6, 1987 |
S. 122ZA................................... | ad. No. 6, 1987 |
am. No. 92, 1989 | |
Ss. 122ZB, 122ZC.................... | ad. No. 6, 1987 |
S. 122ZD.................................. | ad. No. 6, 1987 |
am. No. 92, 1989 | |
Ss. 122ZE‑122ZH..................... | ad. No. 6, 1987 |
S. 126....................................... | am. No. 192, 1985 |
S. 128....................................... | am. No. 96, 1981; No. 108, 1983; No. 192, 1985 |
S. 129....................................... | am. No. 3, 1981 |
S. 130....................................... | am. No. 96, 1981 |
S. 131....................................... | am. No. 192, 1985 |
S. 132....................................... | am. No. 13, 1984 |
S. 133....................................... | am. No. 192, 1985; No. 74, 1986 |
S. 135....................................... | am. No. 96, 1981 |
S. 136....................................... | am. No. 192, 1985 |
S. 138....................................... | am. No. 96, 1981 |
S. 141A..................................... | ad. No. 108, 1983 |
S. 142....................................... | am. No. 108, 1983 |
rs. No. 192, 1985 | |
S. 143....................................... | am. No. 96, 1981; No. 108, 1983; No. 192, 1985 |
S. 144....................................... | am. No. 108, 1983 |
S. 147....................................... | am. Nos. 3 and 153, 1981; No. 26, 1982 |
S. 149....................................... | am. No. 96, 1981; No. 108, 1983 |
S. 149A..................................... | ad. No. 153, 1981 |
S. 150....................................... | am. No. 3, 1981; No. 108, 1983 |
Subsection 147(3)—Paragraph 213(c) of the
(c) by omitting from subsection (3) “this section” and substituting “subsection (1) or (2)”
The proposed amendment was misdescribed and is not incorporated in this compilation.
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