The Commonwealth Bank, AUSTRAC and materiality: implications for continuous disclosure

Seminar/Forum

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.

Presenters

  • Mr Jon  Webster
    Mr Jon Webster, Partner
  • Professor Ann O'Connell
    Professor Ann O'Connell, Melbourne Law School