Anti‑avoidance
(1) If: (a) one or more persons enter into, begin to carry out or carry out a scheme; and (b) it would be concluded that the person, or any of the persons, who: (i) entered into; or (ii) began to carry out; or (iii) carried out; the scheme or any part of the scheme did so for the sole or dominant purpose of avoiding the application of any provision of Subdivision B in relation to any person or persons (whether or not mentioned in paragraph (a)); and (c) as a result of the scheme or a part of the scheme, a person (the controller) increases (including from a starting point of nil) the controller’s voting power in a controlled Australian financial body; ASIC may give the controller a written direction to cease having that voting power within a time specified in the direction. (2) A person who is subject to a written direction under subsection (1) must comply with the direction. Note: Failure to comply with this subsection is an offence: see subsection 1311(1).
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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