Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 1041O — Defendant to notify plaintiff of concurrent wrongdoer of whom defendant aware
(1) If: (a) a defendant in proceedings involving an apportionable claim has reasonable grounds to believe that a particular person (the other person) may be a concurrent wrongdoer in relation to the…
Section 1041P — Contribution not recoverable from defendant
A defendant against whom judgment is given under this Division as a concurrent wrongdoer in relation to an apportionable claim: (a) cannot be required to contribute to any damages or contribution…
Section 1041Q — Subsequent actions
(1) In relation to an apportionable claim, nothing in this Division or any other law prevents a plaintiff who has previously recovered judgment against a concurrent wrongdoer for an apportionable…
Section 1041R — Joining non-party concurrent wrongdoer in the action
(1) The court may give leave for any one or more persons to be joined as defendants in proceedings involving an apportionable claim. (2) The court is not to give leave for the joinder of any person…
Section 1041S — Application of Division
Nothing in this Division: (a) prevents a person being held vicariously liable for a proportion of an apportionable claim for which another person is liable; or (b) prevents a partner from being held…
Section 1042A — Meaning of some terms relating to the insider trading prohibitions
(1) In this Act: Division 3 financial products means: (a) securities; or (b) derivatives; or (c) interests in a managed investment scheme; or (d) debentures, stocks or bonds issued or proposed to be…
Section 1042B — Application of Division
This Division applies to: (a) acts and omissions within this jurisdiction in relation to Division 3 financial products (regardless of where the issuer of the products is formed, resides or located…
Section 1042C — Meaning of generally available
(1) For the purposes of this Division, information is generally available if: (a) it consists of readily observable matter; or (b) both of the following subparagraphs apply: (i) it has been made…
Section 1042D — Meaning of material effect
For the purposes of this Division, a reasonable person would be taken to expect information to have a material effect on the price or value of particular Division 3 financial products if (and only…
Section 1042E — Meaning of able to be traded
Particular Division 3 financial products that are ordinarily able to be traded on a licensed market are taken, for the purposes of this Division, to be able to be traded on that market even though…
Section 1042F — Meaning of procure
(1) For the purposes of this Division, but without limiting the meaning that the expression procure has apart from this section, if a person incites, induces, or encourages an act or omission by…
Section 1042G — Information in possession of officer of body corporate
(1) For the purposes of this Division: (a) a body corporate is taken to possess any information which an officer of the body corporate possesses and which came into his or her possession in the…
Section 1042H — Information in possession of partner or employee of partnership
(1) For the purposes of this Division: (a) a member of a partnership is taken to possess any information: (i) which another member of the partnership possesses and which came into the other member’s…
Section 1043A — Prohibited conduct by person in possession of inside information
(1) Subject to this Subdivision, if: (a) a person (the insider) possesses inside information; and (b) the insider knows, or ought reasonably to know, that the matters specified in paragraphs (a) and…
Section 1043B — Exception for withdrawal from registered scheme or notified foreign passport fund
Subsection 1043A(1) does not apply in respect of a member’s withdrawal from a registered scheme or a notified foreign passport fund if the amount paid to the member on withdrawal is calculated (so…
Section 1043C — Exception for underwriters
(1) Subsection 1043A(1) does not apply in respect of: (a) applying for or acquiring securities, managed investment products or foreign passport fund products under an underwriting agreement or a…
Section 1043D — Exception for acquisition pursuant to legal requirement
Subsection 1043A(1) does not apply in respect of the acquisition of financial products pursuant to a requirement imposed by this Act.
Section 1043E — Exception for information communicated pursuant to a legal requirement
Subsection 1043A(2) does not apply in respect of the communication of information pursuant to a requirement imposed by the Commonwealth, a State, a Territory or any regulatory authority.
Section 1043F — Chinese wall arrangements by bodies corporate
A body corporate does not contravene subsection 1043A(1) by entering into a transaction or agreement at any time merely because of information in the possession of an officer or employee of the body…
Section 1043G — Chinese wall arrangements by partnerships etc.
(1) The members of a partnership do not contravene subsection 1043A(1) by entering into a transaction or agreement at any time merely because one or more (but not all) of the members, or an employee…
Section 1043H — Exception for knowledge of person’s own intentions or activities
A natural person does not contravene subsection 1043A(1) by entering into a transaction or agreement in relation to financial products issued by another person merely because the person is aware that…
Section 1043I — Exception for bodies corporate
(1) A body corporate does not contravene subsection 1043A(1) by entering into a transaction or agreement in relation to financial products issued by another person merely because the body corporate…
Section 1043J — Exception for officers or agents of body corporate
(1) Subject to subsection (2), a person (the first person) does not contravene subsection 1043A(1) by entering into a transaction or agreement on behalf of a person (the second person) in relation to…
Section 1043K — Transactions by holder of financial services licence or a representative of the holder of such a licence
A person (the agent) does not contravene subsection 1043A(1) by applying for, acquiring, or disposing of, or entering into an agreement to apply for, acquire, or dispose of, financial products that…
Section 1043L — A specific situation in which a compensation order under section 1317HA may be made
Situation to which this section applies (1) If: (a) a person (the insider) possesses information that is not generally available but, if the information were generally available, a reasonable person…
Section 1043M — Defences to prosecution for an offence
(1) In a prosecution of a person for an offence based on subsection 1043A(1) or (2), it is not necessary for the prosecution to prove the non-existence of facts or circumstances which, if they…
Section 1043N — Relief from civil liability
In proceedings against a person under Part 9.4B (including under section 1317HA) relating to a contravention of subsection 1043A(1) or (2), the court may relieve the person wholly or partly from…
Section 1043O — Powers of Court
If, in a proceeding instituted under this Act, the Court finds that a contravention of section 1043A has occurred, the Court may, in addition to any other orders that it may make under any other…
Section 1044A — General defence or relief for publishers
(1) It is a defence to a prosecution for an offence based on a provision of this Part committed by the publication of an advertisement if: (a) the defendant was, at that time, a person whose business…
Section 1044B — Limit on liability for misleading or deceptive conduct
State or Territory professional standards law limits liability (1) A professional standards law of a State or Territory applies to limit occupational liability relating to an action for contravention…
Section 1045A — 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) exempt a financial product or a class of financial products from all or…
Section 1050 — Minister may authorise an external dispute resolution scheme
(1) The Minister may, by notifiable instrument, authorise an external dispute resolution scheme if the Minister is satisfied that the mandatory requirements under section 1051 will be met. (2) In…
Section 1051 — Mandatory requirements
(1) The mandatory requirements for an external dispute resolution scheme are: (a) the organisational requirements under subsection (2); and (b) the operator requirements under subsection (3); and (c)…
Section 1051A — General considerations
The general considerations for an external dispute resolution scheme are the following: (a) the accessibility of the scheme; (b) the independence of the scheme; (c) the fairness of the scheme; (d)…
Section 1052 — Obligation to comply with mandatory requirements
AFCA must ensure that the mandatory requirements for the AFCA scheme under section 1051 are complied with.
Section 1052A — ASIC may issue regulatory requirements
ASIC may, by legislative instrument, issue to AFCA regulatory requirements relating to: (a) compliance with the mandatory requirements for the AFCA scheme under section 1051; or (b) any of the…
Section 1052BA — Directions to ensure sufficient financing
(1) ASIC may give AFCA a written direction under this section if ASIC considers that AFCA has not done all things reasonably practicable to ensure that the operations of the AFCA scheme are…
Section 1052B — Directions to increase limits on the value of claims
(1) If, under the AFCA scheme, there are one or more limits on: (a) the value of claims that may be made under the scheme; or (b) the value of remedies that AFCA may determine under the scheme; ASIC…
Section 1052C — General directions to AFCA
Notice of intention to issue a direction (1) If ASIC considers that AFCA has not done all things reasonably practicable to ensure compliance with: (a) the mandatory requirements for the AFCA scheme…
Section 1052D — Approval of material changes to the AFCA scheme
(1) AFCA may request ASIC to approve a material change to the AFCA scheme. Note 1: A material change must not be made to the scheme without ASIC’s approval (see paragraph 1051(5)(b)). Note 2: This…
Section 1052E — Referring matters to appropriate authorities
Referring contraventions and breaches etc. to appropriate authorities (1) If AFCA becomes aware, in connection with a complaint under the AFCA scheme, that: (a) a serious contravention of any law may…
Section 1053 — Meaning of superannuation complaint
(1) Subject to subsection (4), a complaint made under the AFCA scheme is a superannuation complaint if the complaint is: (a) that the trustee of a regulated superannuation fund, an AFCA regulated…
Section 1053A — Persons taken to be members of regulated superannuation funds, AFCA regulated superannuation schemes and approved deposit funds and holders of RSAs
For the purposes of this Division, each of the following persons is taken to be a member of a regulated superannuation fund, an AFCA regulated superannuation scheme or an approved deposit fund, or a…
Section 1053B — This Division does not restrict ability to make other complaints
To avoid doubt, this Division does not limit the ability of a person to make a complaint under the AFCA scheme (including a complaint relating to superannuation) that is not a superannuation…
Section 1054 — Power to join other parties to superannuation complaint
(1) AFCA may (subject to subsection 1056A(3)) at any time join, as a party to a superannuation complaint made under the AFCA scheme, any of the following persons whom AFCA decides should be a party…
Section 1054A — Power to obtain information and documents
(1) If AFCA has reason to believe that a person is capable of giving information or producing documents relevant to a superannuation complaint, AFCA may, by written notice to the person, require the…
Section 1054BA — Power to give directions
(1) AFCA may, in connection with, or as part of the process of, determining a superannuation complaint: (a) give directions prohibiting or restricting the disclosure of documents or information…
Section 1054B — Power to require attendance at conciliation conferences
(1) AFCA may, if AFCA thinks it desirable to do so, by notice in writing given to: (a) each party to a superannuation complaint; and (b) any other person: (i) who, in AFCA’s opinion, is likely to be…
Section 1054C — Reference of questions of law to Federal Court
(1) AFCA may, on its own initiative or on the request of a party to a superannuation complaint, refer a question of law arising in relation to the making of a determination relating to the complaint…
Section 1055 — Making a determination
(1) In making a determination of a superannuation complaint, AFCA has, subject to this section, all the powers, obligations and discretions that are conferred on the trustee, insurer, RSA provider or…