The Commonwealth Bank, AUSTRAC and materiality: implications for continuous disclosure
Listed entities are subject to strict disclosure rules to ensure a fully informed market. Those rules are given statutory force by s 674 of the Corporations Act and breach of the rules can have significant consequences. The basic test for disclosure is whether ‘a reasonable person would expect to have a material effect on the price or value of the entity’s securities’. A class action has recently been launched against CBA concerning its alleged breach of its disclosure obligations. This involves consideration of what information must be disclosed and when and the application of the materiality test.
Mr Jon Webster, Partner
Mr Jon Webster
Jon Webster is a partner at Allens and is one of Australia's most experienced corporate lawyers, having advised on complex corporate matters for more than 30 years. He is also a Senior Fellow of the Law School having cotaught Corporate Fundraising (previously Regulation of Securities Offerings) since 1993. Jon has been named as one of Australia's leading mergers and acquisitions lawyers in the Chambers Global Guide to the World's Leading Lawyers for Business and in The International Who's Who of Mergers and Acquisitions Lawyers.
Professor Ann O'Connell, Melbourne Law School
Professor Ann O'Connell
Melbourne Law School
Ann O'Connell is Professor at Melbourne Law School where she teaches tax, corporations law and notforprofit law. She is Special Counsel at Allens (in the Mergers and Acquisitions group), a member of the Advisory Panel to the Board of Taxation and a member of the Australian Tax Office Public Rulings Panel and GAAR Panel. She has been coteaching with Jon in the Melbourne Masters Program for 24 years. For many years she taught Takeovers and Securities Regulation in the LLB program and also teaches Regulation of Securities Markets.