The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has introduced the Corporations Amendment (No 1) Bill 2010 into Parliament.
The legislation requires anyone seeking a copy of a member register to state what their intended use for the information contained and enables companies to refuse to provide information if it is not sought for a proper purpose. Certain improper purposes – to be defined in associated Regulations – will include seeking access to a register for the purpose of making an unsolicited offer for shares in a listed company (other as part of a genuine takeover).
The legislation will also increase the penalties for market offences, such as insider trading and market manipulation.
UPDATE; Bill has lapsed with the calling of the election for 21 August.
