What the Law states - Listed company - director to notify market operator of shareholdings etc.

CORPORATIONS ACT 2001 - SECT 205G

Notifiable interests

(1)  A director of a listed public company must notify the relevant market operator under subsections (3) and (4) of the following interests of the director:

(a)  relevant interests in securities of the company or a related body corporate;

(b)  contracts:

(i)  to which the director is a party or under which the director is entitled to a benefit; and

(ii)  that confer a right to call for or deliver shares in, debentures of, or interests in a managed investment scheme made available by, the company or a related body corporate.

Note: Under section 353, ASIC may determine conditions that must be complied with when lodging documents electronically under this subsection.

(2)  A notice of a relevant interest in securities under paragraph (1)(a) must give details of:

(a)  the number of securities; and

(b)  the circumstances giving rise to the relevant interest.

Occasions for initial notification

(3)  The director must notify the relevant market operator within 14 days after each of the following occasions:

(a)  appointment as a director of the company;

(b)  the listing of the company.

Paragraph (a) does not apply to a director who retires and is then reappointed at the same meeting.

Note: Under section 353, ASIC may determine conditions that must be complied with when lodging documents electronically under this subsection.

Updating notices

(4)  The director must notify the relevant market operator within 14 days after any change in the director's interests.

Note: Under section 353, ASIC may determine conditions that must be complied with when lodging documents electronically under this subsection.

(5)  The director need not give the information to the relevant market operator under this section if the director has already given the information to the relevant market operator.

ASIC's power to make class orders

(6)  ASIC may make an order in writing relieving a director of the obligation to notify the relevant market operator of an interest in a security or contract. The order may be made in respect of a specified class of companies, directors, securities or contracts.

(7)  The order may be expressed to be subject to conditions.

(8)  Notice of the making, revocation or suspension of the order must be published in the Gazette .

Strict liability offences

(9)  An offence based on subsection (1), (3) or (4) is an offence of strict liability.

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