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Copyright and Use of This Thesis This Thesis Must Be Used in Accordance with the Provisions of the Copyright Act 1968 COPYRIGHT AND USE OF THIS THESIS This thesis must be used in accordance with the provisions of the Copyright Act 1968. Reproduction of material protected by copyright may be an infringement of copyright and copyright owners may be entitled to take legal action against persons who infringe their copyright. Section 51 (2) of the Copyright Act permits an authorized officer of a university library or archives to provide a copy (by communication or otherwise) of an unpublished thesis kept in the library or archives, to a person who satisfies the authorized officer that he or she requires the reproduction for the purposes of research or study. The Copyright Act grants the creator of a work a number of moral rights, specifically the right of attribution, the right against false attribution and the right of integrity. You may infringe the author’s moral rights if you: - fail to acknowledge the author of this thesis if you quote sections from the work - attribute this thesis to another author - subject this thesis to derogatory treatment which may prejudice the author’s reputation For further information contact the University’s Director of Copyright Services sydney.edu.au/copyright Faith/less? Market integrity and the enforcement of Australia’s continuous disclosure provisions Cary Di Lernia A dissertation submitted in fulfilment of the requirements for the degree of Doctor of Philosophy at The University of Sydney 2013 The integrity of the financial market and investor confidence in that market are critical elements in our economic well- being. The credibility of the market is underpinned by our system of corporate law and regulation. Maintenance of that integrity and credibility is of the highest importance for companies, investors and other market participants and for the community more broadly. Corporations and Markets Advisory Committee, Aspects of Market Integrity, 2009. Sunlight is said to be the best of disinfectants; electric light the most efficient policeman. Louis D Brandeis, Other Peoples’ Money, and How the Bankers Use It, 1933. ii DECLARATION I hereby declare that this dissertation submitted for the degree of Doctor of Philosophy, contains no material that has been accepted for a degree or diploma at any other university or tertiary institution. This work, to the best of my knowledge and belief contains no material previously published or written by another person, except where due reference has been made in the text and bibliography. Cary Di Lernia December, 2013 v CONTENTS 1. INTRODUCTION ................................................................................................................ 10 2. LITERATURE REVIEW ........................................................................................................ 14 2.1 Introduction ............................................................................................................... 14 2.2 Disclosure ................................................................................................................... 16 2.3 Lineage ....................................................................................................................... 18 2.4 Contemporary expressions of the duty to continuously disclose .............................. 21 2.5 An undergirding theory? The essence of continuous disclosure ............................... 38 2.6 Market mythology? The aspirations of a disclosure regime ...................................... 43 2.7 Enforcement ............................................................................................................... 48 2.7.1 Higher level enforcement involving court time .................................................. 49 2.7.2 Administrative sanctions ..................................................................................... 53 2.7.3 Lower level enforcement options ....................................................................... 57 2.8 Continuous disclosure and market integrity .............................................................. 60 3. JURISPRUDENCE SURROUNDING THE CONTINUOUS DISCLOSURE REGIME .................... 72 3.1 Australian Securities and Investments Commission v Southcorp Limited [2003] ..... 73 3.2 Australian Securities and Investments Commission v Chemeq Limited [2006] ......... 78 3.3 Australian Securities and Investments Commission v Macdonald [2009] ................. 83 3.4 Australian Securities and Investments Commission v Citrofresh International Ltd [2007] ............................................................................................................................... 92 3.5 Jubilee Mines NL v Riley [2009] .................................................................................. 95 3.6 The Fortescue litigation .............................................................................................. 98 3.6.1 The decision of the Federal Court at first instance ........................................... 104 3.6.2 The decision of the Full Court of the Federal Court .......................................... 115 3.6.3 The decision of the High Court .......................................................................... 125 3.7 Higher level enforcement and market integrity ...................................................... 134 4. ADMINISTRATIVE SANCTIONS ........................................................................................ 165 vi 4.1 The delayed release of material information ........................................................... 166 4.1.1 Leighton Holdings .............................................................................................. 166 4.1.2 QRS Holdings ..................................................................................................... 169 4.1.3 Astron Limited ................................................................................................... 172 4.1.4 Avantogen Limited ............................................................................................ 174 4.1.5 Sub-Sahara Resources NL .................................................................................. 176 4.1.6 Citigold Corporation .......................................................................................... 178 4.1.7 Raw Capital Partners (formerly Trysoft Corporation Limited) .......................... 181 4.1.8 Centrex Mining Limited ..................................................................................... 183 4.1.9 Crown Limited ................................................................................................... 185 4.1.10 TZ Limited ........................................................................................................ 186 4.2 The failure to provide sufficient information ........................................................... 189 4.2.1 Solbec Pharmaceuticals Limited ........................................................................ 189 4.2.2 Nexbis Limited ................................................................................................... 192 4.2.3 Avastra Limited ................................................................................................. 195 4.2.4 Bioprospect Limited .......................................................................................... 198 4.2.5 BC Iron Limited .................................................................................................. 200 4.2.6 Navigator Resources ......................................................................................... 202 4.2.7 Commonwealth Bank of Australia .................................................................... 203 4.3 Delayed results change announcements ................................................................. 207 4.3.1 SDI Limited ........................................................................................................ 207 4.3.2 Nufarm Limited ................................................................................................. 209 4.3.3 Pahth Telecommunications Limited .................................................................. 214 4.3.4 Plexus International Limited ............................................................................. 215 4.3.5 Uecomm Limited ............................................................................................... 216 4.3.6 Multiplex Limited .............................................................................................. 217 4.4 Media attention and the failure to correct or prevent a false market .................... 220 4.4.1 Promina Limited ................................................................................................ 220 4.4.2 Rio Tinto Limited ............................................................................................... 223 4.4.3 Northern Iron Limited ....................................................................................... 227 4.5 Administrative sanctions and market integrity ........................................................ 231 5. PRICE QUERIES ............................................................................................................... 252 vii 5.1 Introduction ............................................................................................................. 252 5.2 Commodity prices .................................................................................................... 261 5.3 Roadshows ..............................................................................................................
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