Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If, in relation to a thing mentioned in an item of this table, ASIC is satisfied of the matters specified in the table item for that thing, ASIC may make either or both of the orders specified in the table item about that thing.
Stop orders | |||
Item | If, in relation to: | ASIC is satisfied that: | |
1 | (a) an offer document lodged under paragraph 1200D(1)(a); or (b) a warning statement lodged under paragraph 1200D(1)(b); or (c) a document or information lodged under paragraph 1200D(1)(i) | there is a misleading or deceptive statement in, or a material omission from, the document, statement or information | (a) that no offers, issues, sales or transfers of the securities to which the document, statement or information relates be made while the order is in force; (b) that specified conduct in respect of those securities, or in respect of the document, statement or information, must not be engaged in while the order is in force. |
2 | a document, statement or notice lodged under subsection 1200G(9) | the change results in there being a misleading or deceptive statement in, or a material omission from, the document, statement or notice | (a) that no offers, issues, sales or transfers of the securities to which the document, statement or notice relates be made while the order is in force; (b) that specified conduct in respect of those securities, or in respect of the document, statement or notice, must not be engaged in while the order is in force. |
3 | (a) an advertisement of securities the subject of a recognised offer; or (b) a published statement that is reasonably likely to induce people to acquire securities the subject of a recognised offer | there is a misleading or deceptive statement in, or a material omission from, the advertisement or statement | (a) that no offers, issues, sales or transfers of the securities to which the advertisement or statement relates be made while the order is in force; (b) that specified conduct in respect of those securities, or in respect of the advertisement or statement, must not be engaged in while the order is in force. |
4 | a new circumstance has
arisen since lodgment and that circumstance would have been required by the
law of the recognised jurisdiction to be included in the offer document, if
the circumstance had arisen before the document was lodged with the
home regulator (as defined in subsection | (a) that no offers, issues, sales or transfers of the securities to which the document relates be made while the order is in force; (b) that specified conduct in respect of those securities, or in respect of the document, must not be engaged in while the order is in force. | |
5 | a notice of intention to make a recognised offer lodged under paragraph 1200C(5)(a) | one or more of the requirements in section 1200C is not met in relation to the proposed offer | (a) that no offers, issues, sales or transfers of the securities that are proposed to be offered be made while the order is in force; (b) that specified conduct in respect of those securities must not be engaged in while the order is in force. |
6 | an offering condition in section 1200G, the address for service condition in section 1200H or the dispute resolution condition in section 1200J is not being met | (a) that no offers, issues, sales or transfers of the securities be made while the order is in force; (b) that specified conduct in respect of those securities must not be engaged in while the order is in force. | |
(2) The order may include a statement that specified conduct engaged in contrary to the order will be regarded as not meeting a specified ongoing condition in Division 3.
(3) Before making an order under subsection (1), ASIC must:
(b) give a reasonable opportunity to any interested people to make oral or written submissions to ASIC on whether an order should be made.
(4) If ASIC considers that any delay in making an order under subsection (1) pending the holding of a hearing would be prejudicial to the public interest, ASIC may make an interim order. The interim order may be made without holding a hearing and lasts for 21 days after the day on which it is made unless revoked before then.
(5) At any time during the hearing, ASIC may make an interim order. The interim order lasts until:
(a) ASIC makes an order under subsection (1) after the conclusion of the hearing; or
(b) the interim order is revoked;
(6) An order under subsection (1), (4) or (5) must be in writing and must be served on the person who is ordered not to offer, issue, sell or transfer securities or not to engage in specified conduct.
(7) The person on whom the order is served must take reasonable steps to ensure that other people who engage in conduct to which the order applies are aware of the order.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
(8) The person on whom the order is served, or a person who is aware of the order, must not engage in conduct contrary to the order.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
(9) A statement under subsection (2) has effect
accordingly in relation to a person on whom the order is served, or who is
aware of it, who engages in conduct contrary to the order. This applies in
addition to any other consequence that is provided for in this Act.