We have moved
Effective 1 July 2024 our Perth office has relocated to: Level 14 QV1 Building, 250 St Georges Terrace, Perth
All other contact information remains unchanged.
Effective 1 July 2024 our Perth office has relocated to: Level 14 QV1 Building, 250 St Georges Terrace, Perth
All other contact information remains unchanged.
In addition to providing relief permitting electronic meetings as summarised in our article yesterday, the Treasury Laws Amendment (2021 Measures No. 1) Bill 2021 (Bill) passed earlier this week by Parliament also provides temporary relief permitting electronic communications as well as permanent changes to the continuous disclosure obligations.
Electronic execution
Once the Bill is given Royal Assent, until 1 April 2022:
Interestingly, despite a number of challenges, Parliament has now also approved permanent changes to the continuous disclosure provisions. As highlighted in our article last year, the changes modify the circumstances in which non-disclosure gives rise to liability. Under the amendments, companies and their officers will only be liable for civil penalty proceedings where the entity ‘knows or is reckless or negligent’ with respect to whether the information would, if it were generally available, have a material effect on the price or value of the securities. In addition, the Corporations Act has been amended to make clear that companies and officers will not be liable for misleading and deceptive conduct where the continuous disclosure obligations have been contravened unless the requisite “fault” element is also proven.
As always, please contact us in our Perth office or Melbourne office if you require further advice on any of these issues by clicking here.