Treasury is seeking views from interested parties to assist in conducting a review of the operation of the amendments made to the Continuous Disclosure Regime by the Treasury Laws Amendment (2021 Measures No.1) Act 2021 (Amending Act).
The amendments made by the Act introduce a requirement for plaintiffs to prove that companies and their officers acted with ‘knowledge, recklessness or negligence’ to be successful in a civil penalty proceeding for breaches of continuous disclosure laws.
The public consultation period is open for submission for 4 weeks. Submissions will close on Friday 1 December 2023.
The review will be conducted in accordance with the Terms of reference released on 19 September 2023.
The reviewer is required to provide a report to the government by 14 February 2024.