Securities and Futures Act 2001 · 2020 Revised Edition · Part 7 · Disclosure of Interests
137U. Duty of substantial unitholder to notify trustee and responsible person of interests
Feedback & supportLast amended by an amending law of 2009.
Sections 135 to 137B apply, with such modifications and qualifications as may be necessary, to a person who is a substantial unitholder of a real estate investment trust as though —
real estate investment trust
“real estate investment trust”, except in Division 3 of Part 7, means a collective investment scheme —(a)that is authorised under section 286 or recognised under section 287;(b)that is a trust;(c)that invests primarily in real estate and real estate‑related assets specified by the Authority in the Code on Collective Investment Schemes; and(d)all or any units of which are listed for quotation on an approved exchange;
references to the corporation to which notification should be given were references to —
the trustee of the real estate investment trust; and
the responsible person for the real estate investment trust;
references to shares or voting shares in the corporation were references to units or voting units in the real estate investment trust; and
references to a substantial shareholder in the corporation were references to a substantial unitholder of the real estate investment trust,and such person must comply with those provisions accordingly.
Any person to whom subsection (1) applies who —
intentionally or recklessly contravenes section 135, 136(1) or (2), 137, 137A or 137B as applied by subsection (1); or
in purported compliance with section 135, 136, 137 or 137B as applied by subsection (1), provides any information which the person knows is false or misleading in a material particular or is reckless as to whether it is,shall be guilty of an offence and shall —
in the case of an individual, be liable on conviction to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction; or
in the case of a corporation, be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.
Any person to whom subsection (1) applies who —
contravenes section 135, 136(1) or (2), 137, 137A or 137B as applied by subsection (1); or
in purported compliance with section 135, 136, 137 or 137B as applied by subsection (1), provides any information which is false or misleading in a material particular,in circumstances other than as set out in subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
No proceedings shall be instituted against a person for an offence under this section after ––
a court has made an order against the person for the payment of a civil penalty under section 137ZD in respect of the same contravention; or
the person has entered into an agreement with the Authority to pay, with or without admission of liability, a civil penalty under section 137ZD(4), in respect of the same contravention.