Australian Securities and Investments Commission v Southcorp Limited (No. 2) ]2003] FCA 1369

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Southcorp Limited (No 2) ]2003] FCA 1369 CORPORATIONS – civil penalty provision – continuous disclosure obligation – executive general manager of corporate affairs of listed company discloses information to certain analysts without at the same time notifying Australian Stock Exchange – company admits contravention of subs 674(2) of Corporations Act 2001 (Cth) – Australian Securities and Investments Commission and company agree on statement of facts to be put before Court, and agree to suggest, for Court's consideration, a penalty of $100,000 – appropriateness of practice – maximum penalty provided for by Act, $200,000 – appropriateness of penalty of $100,000 – relevant factors. Corporations Act 2001 (Cth) ss 674, 676, 677, 1317E, 1317G Trade Practices Act 1974 (Cth) s 76 Australian Stock Exchange Listing Rules rr 3.1, 15.7 NW Frozen Foods Pty Ltd v Australian Competition and Consumer Commission (1996) 71 FCR 285 discussed Trade Practices Commission v Allied Mills Industries Pty Ltd (1981) 60 FLR 38 cited Australian Competition and Consumer Commission v Real Estate Institute of Western Australia Inc (1999) 161 ALR 79 cited Australian Competition and Consumer Commission v Roche Vitamins Australia Pty Ltd (2001) ATPR §41-809 cited Australian Competition and Consumer Commission v ABB Transmission and Distribution Ltd (2001) ATPR §41-815 cited Australian Competition and Consumer Commission v Colgate-Palmolive Pty Ltd (2002) ATPR §41-880 discussed Australian Competition and Consumer Commission v The Tasmanian Salmonid Growers Association Ltd [2003] FCA 788 discussed AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v SOUTHCORP LIMITED N 3010 of 2003 LINDGREN J 27 NOVEMBER 2003 SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA