background info re compensation...... there were fault elements...

background info re compensation...... there were fault elements introduced into the continuous disclosure provisions in the Corporations Act 2001 (Cth) by the Liberal Government through amending legislation in 2021.

The amendments meant that disclosing entities could not be sued for civil claims for compensation (including class actions) or civil penalty proceedings by ASIC, unless knowledge, recklessness or negligence on the part of the entity could be established.

Under the amendments, directors and officers could be personally liable as accessories, but this required knowledge, recklessness or negligence on the part of the entity to be established, plus that the relevant person had knowledge of all the essential elements of the contravention (including those relating to fault) and participated in some way in the contravention.