Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 851A — Application for approval to exceed 20% voting power limit
(1) A person may apply for approval to have voting power of more than 20% in a particular widely held market body (other than the ASX Limited) by lodging with ASIC an application that: (a) specifies…
Section 851B — Approval of application
(1) If the Minister is satisfied that it is in the national interest to approve the applicant having voting power in the widely held market body of more than 20%, the Minister may grant the…
Section 851C — Duration of approval
(1) An approval under section 851B remains in force: (a) if the notice of approval specifies a period during which the approval remains in force—until the end of that period, or if the Minister…
Section 851D — Conditions of approval
(1) An approval under section 851B is subject to such conditions (if any) as are specified in the notice of approval. (2) The Minister may, by written notice given to a person who holds an approval…
Section 851E — Varying percentage approved
Application by holder of approval (1) A person who holds an approval under section 851B may apply to vary the percentage specified in the approval by lodging with ASIC an application that: (a)…
Section 851F — Revoking an approval
(1) The Minister may, by written notice given to a person who holds an approval under section 851B in relation to a widely held market body, revoke the approval if the Minister is satisfied that: (a)…
Section 851G — Further information about applications
(1) This section applies to an application under this Subdivision. (2) The Minister may, by written notice given to the applicant, require the applicant to give the Minister, within a specified…
Section 851H — Time limit for Minister’s decision
(1) The Minister must make a decision on an application under this Subdivision within 30 days after receiving the application. (2) However, before the end of the 30 days, the Minister may decide to…
Section 851I — Preservation of voting power
(1) If, at the time at which a body corporate becomes a widely held market body: (a) a person holds a particular percentage of voting power in the body; and (b) the holding of that particular…
Section 852A — Acquisition of property
(1) The Court must not make an order under section 850D if: (a) the order would result in the acquisition of property from a person otherwise than on just terms; and (b) the order would be invalid…
Section 852DA — Scope of Division
(1) This Division applies in relation to controlled Australian financial bodies. Meaning of controlled Australian financial body (2) A body corporate is a controlled Australian financial body if the…
Section 852B — 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 entered into, began to carry out or…
Section 852DB — Meaning of unacceptable control situation
An unacceptable control situation exists in relation to a controlled Australian financial body and a particular person if the person’s voting power in the body is more than: (a) unless paragraph (b)…
Section 852DC — Meaning of passes the legitimate control test
A person passes the legitimate control test for having a particular percentage of voting power in a controlled Australian financial body unless it is reasonable to expect that the person’s having of…
Section 852DD — Acquisition of shares
A person contravenes this section if: (a) the person acquires, or the person with one or more other persons under an arrangement acquire, shares in a body corporate; and (b) the acquisition has the…
Section 852DE — Remedial orders
(1) If an unacceptable control situation exists in relation to a controlled Australian financial body and a person, any of the following courts may make such orders as the court considers appropriate…
Section 852DF — Injunctions
(1) If any conduct (including a refusal or failure to act) amounts or would amount to a contravention of this Division in relation to a particular controlled Australian financial body, the body is…
Section 852DG — Application for approval to exceed 20% voting power limit
A person may apply for approval to have voting power of more than 20% in a particular controlled Australian financial body by lodging with ASIC an application in the prescribed form that sets out:…
Section 852DH — Decision on the application
(1) ASIC must, by written notice given to the applicant, approve the applicant having a specified percentage of voting power in the body if: (a) ASIC is satisfied the specified percentage is the…
Section 852DJ — Duration of approval
An approval under subsection 852DH(1) is in force as specified under subsection 852DH(2) in the notice of the approval.
Section 852DK — Extension of approval
(1) If: (a) a person has an approval under subsection 852DH(1) to have a specified percentage of voting power in a controlled Australian financial body; and (b) the approval is in force for a…
Section 852DL — Conditions of approval
Conditions of approval (1) An approval under subsection 852DH(1) is subject to such conditions (if any) specified in the notice of approval given under that subsection. Imposing, varying or revoking…
Section 852DM — Varying an approval
(1) This section applies to a person holding an approval under subsection 852DH(1) to have a specified percentage (the current approved percentage) of voting power: (a) in a controlled Australian…
Section 852DN — Revoking an approval
(1) ASIC may, on its own initiative, by written notice given to a person holding an approval under subsection 852DH(1) to have a specified percentage of voting power in a controlled Australian…
Section 852DP — Further information about applications
If an application is lodged with ASIC under this Subdivision, ASIC may: (a) by written notice given to the applicant, request the applicant to give ASIC, within a period specified in the notice,…
Section 852DQ — Applicant must update ASIC with correct information
If information contained in an application lodged under this Subdivision: (a) is incorrect; or (b) ceases to be correct after the application is made; the applicant must, as soon as practicable after…
Section 852DR — Time limit for ASIC’s decision
Time limit (1) ASIC must decide an application lodged under this Subdivision within the 90-day period starting on the day the application was lodged. This subsection has effect subject to subsections…
Section 852DS — Acquisition of property
(1) A court must not make an order under section 852DE if: (a) the order would result in the acquisition of property from a person otherwise than on just terms; and (b) the order would be invalid…
Section 852DT — 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…
Section 853A — Meaning of disqualified individual
An individual is a disqualified individual if: (a) a declaration by ASIC that the individual is disqualified is in effect under section 853C; or (b) the individual is disqualified from managing a…
Section 853B — Meaning of involved—in some licensees or applicants for a licence
An individual is involved in a market licensee, a CS facility licensee, a derivative trade repository licensee or a benchmark administrator licensee, or an applicant for such a licence, if: (a) the…
Section 853C — Declaration by ASIC
(1) ASIC may declare in writing that an individual who is involved in a market licensee, a CS facility licensee, a derivative trade repository licensee or a benchmark administrator licensee, or in an…
Section 853D — Procedure for declaration
(1) ASIC must not make a declaration under section 853C unless it has followed the procedure in this section. (2) Within 42 days after: (a) a body corporate applies for an Australian market licence,…
Section 853E — Revoking a declaration
(1) ASIC may, in writing, revoke a declaration under section 853C if it is no longer satisfied as mentioned in subsection 853C(2) in relation to the individual in question. (2) ASIC must give a copy…
Section 853F — Obligations on disqualified individuals
(1) A disqualified individual must not become involved in a market licensee, a CS facility licensee, a derivative trade repository licensee or a benchmark administrator licensee. Note: Failure to…
Section 853G — Notification by ASIC
If ASIC becomes aware that an individual who is involved in a market licensee, a CS facility licensee, a derivative trade repository licensee or a benchmark administrator licensee is a disqualified…
Section 853H — ASIC’s power to make financial market infrastructure banning orders
(1) ASIC may, in writing, make one or more orders (FMI banning orders) against an individual if: (a) the individual becomes an insolvent under administration; or (b) the individual is convicted of…
Section 853J — Individual to be given an opportunity to be heard before ASIC makes financial market infrastructure banning order
(1) Despite subsection 853H(1), ASIC may make an FMI banning order against an individual only after giving the individual an opportunity: (a) to appear, or be represented, at a hearing before ASIC…
Section 853K — When an individual is not a fit and proper person
(1) ASIC must have regard to the matters set out in subsection (2) (subject to Part VIIC of the Crimes Act 1914) for the purposes of applying paragraph 853H(1)(c) of this Act to an individual. Note:…
Section 853L — When an individual contravenes a financial services law
For the purposes of subsection 853H(1), an individual contravenes a financial services law if the individual fails to comply with a duty imposed under that law, even if the provision imposing the…
Section 853M — When an individual has been a core officer of a corporation unable to pay its debts
This section applies to an individual in relation to a corporation if, within the last 7 years: (a) the individual was a core officer of the corporation when the corporation was an FMI licensee; and…
Section 853N — What a financial market infrastructure banning order prohibits
(1) An FMI banning order made against an individual may specify that the individual is prohibited from doing one or more of the following: (a) controlling, whether alone or in concert with one or…
Section 853P — Effect of financial market infrastructure banning orders
(1) An individual against whom an FMI banning order is made must not engage in conduct in breach of the banning order. Fault-based offence (2) An individual commits an offence if the individual…
Section 853Q — Variation or cancellation of financial market infrastructure banning orders
(1) ASIC may vary or cancel an FMI banning order, by giving written notice to the individual against whom the order was made, if ASIC is satisfied that it is appropriate to do so because of a change…
Section 853R — Date of effect and publication of financial market infrastructure banning orders, variation or cancellation
Date of effect (1) An FMI banning order, or variation or cancellation of an FMI banning order, takes effect when it is given to the individual against whom the order is made. Publication (2) If ASIC…
Section 853S — Statements of reasons
(1) An FMI banning order given to an individual must be accompanied by a statement of reasons for the order. (2) If ASIC varies an FMI banning order made against an individual, ASIC must, on request…
Section 854A — Record-keeping and giving of information
(1) The regulations may make provision for and in relation to requiring a person: (a) to keep and retain records that are relevant to whether a person has voting power in a widely held market body…
Section 854B — Exemptions and modifications by regulations
(1) The regulations may: (a) exempt a person or class of persons from all or specified provisions of this Part; or (b) provide that this Part applies as if specified provisions were omitted, modified…
Section 880A — Part does not apply to markets licensed under special provisions about overseas markets
Nothing in this Part applies in relation to: (a) a financial market the operation of which is licensed under subsection 795B(2); or (b) an application for the grant of a licence under that subsection.
Section 880B — Meaning of some terms relating to compensation regimes for financial markets
In this Act: compensation arrangements means arrangements that consist of: (a) a set of rules about compensation; and (b) a source of funds from which compensation is to be paid or provided; and (c)…