Section 672B — Corporations Act 2001 (Cth)

(1) A person given a direction under section 672A must disclose to the person giving the direction:

(a) full details of their own relevant interest in the shares, interests in the scheme or interests in the fund and of the circumstances that give rise to that interest; and

(b) the name and address of each other person who has a relevant interest in any of the shares or interests together with full details of:

(i) the nature and extent of the interest; and

(ii) the circumstances that give rise to the other person’s interest; and

(c) the name and address of each person who has given the person instructions about:

(i) the acquisition or disposal of the shares or interests; or

(ii) the exercise of any voting or other rights attached to the shares or interests; or

(iii) any other matter relating to the shares or interests;

together with full details of those instructions (including the date or dates on which they were given).

(1A) However, a matter referred to in paragraph (1)(b) or (c) need only be disclosed to the extent to which it is known to the person required to make the disclosure.

Note: A defendant bears an evidential burden in relation to the matter in subsection (1A), see subsection 13.3(3) of the Criminal Code.

(1B) An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.

(2) The disclosure must be made within 2 business days after:

(a) the person is given the direction; or

(b) if the person applies for an exemption under section 673 from the obligation to make the disclosure and ASIC refuses to grant the exemption—ASIC notifies the person of its decision on the application; or

(c) if the direction is given by a listed company, the responsible entity of a listed registered scheme or the operator of a listed notified foreign passport fund—the company, responsible entity or operator pays any fee payable under the regulations made for the purposes of section 672D.

(3) The person does not have to comply with a direction given by the company, responsible entity or operator if the person proves that the giving of the direction is vexatious.

Related sections

• s 671B — Information about substantial holdings must be given to company, responsible entity, fund operator and relevant market operator
• s 671C — Civil liability
• s 672A — Disclosure notices
• s 672C — ASIC may pass information on to person who made request
• s 672D — Fee for complying with a direction given by a company, scheme or fund under this Part
• s 672DA — Register of information about relevant interests in listed company, listed registered scheme or listed notified foreign passport fund

Research how courts apply s 672B

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.