Enforcement is by ASIC and ASX. Yes the law is generally followed; I can't speak to enforcement of any contraventions. Companies follow the law by (for example) making SPP applicants give the required declarations, and by then checking up on their accuracy. I won't go into exactly how, but I assure you, they do. I also won't go into what companies do to false declarants other than to say some companies are harsher than others.
SXY Price at posting:
33.5¢ Sentiment: Buy Disclosure: Held
