Introduction
On 26 May 2020, the Corporation (Coronavirus Economic
Response) Determination (No.2) 2020
(Determination) came into effect. The
Determination temporarily amended the continuous disclosure
provisions under the Corporations Act 2001 (Cth)
(Corporations Act) that apply to companies and
their officers.
Specifically, the amendments provided that a breach of the civil
penalty provisions under sections 674 and 675 of the Corporations
Act only occurs where information is withheld from disclosure with
knowledge that it would, or recklessness or negligence as to
whether it would, have a material effect on the price or value of a
company's securities.
The temporary amendments were supposed to last for six months
but were extended and due to expire in March 2021.
