Ann: Update on Westgold Offer and Proposed Merger with Firefly, page-27

The reforms to the continuous disclosure laws ensure that an entity and its officers will only be liable for civil penalty proceedings where there is a knowing failure to comply or recklessness or negligence while maintaining the integrity relating to the disclosure of price sensitive information to the market. The reforms will also mitigate the risk of listed entities and their officers being subject to opportunistic class actions under Australia's continuous disclosure laws and in doing so, will support entities and their officers to release forward-looking guidance to the market.
The introduction of a "fault element" for civil penalty proceedings in respect of the continuous disclosure obligations will more closely align Australia's continuous disclosure regime with that of the United States and the United Kingdom. These reforms have been overwhelmingly welcomed by business leaders in Australia.
Notwithstanding these reforms, listed entities need to bear in mind that their primary obligation to disclose price sensitive information in accordance with the standards set out in both ASX Listing Rule 3.1 (and 3.1A) and section 674(2) of the Corporations Act 2001 (Cth) remains unchanged. The existing enforcement mechanisms prescribed under the Corporations Act, which enable ASIC to issue infringement notices, and the criminal offences for failing to comply with the continuous disclosure obligations set out in section 674(2) of the Corporations Act continue to apply.

Just google continuous disclosure obligations and you will find more information.
Dont see the BOD of GCY having a defence