---
title: "Cleansing notice under Corporations Act s 708A(5)(e), with eligibility check and excluded information record"
url: "https://ailawframework.com/precedents/capital-markets-and-securities-ecm-dcm-and-disclosure/cleansing-notice-s708a-and-excluded-information-record"
type: "precedent"
site: "AI Law Framework"
id: "a4-cleansing-notice-s708a-and-excluded-information-record"
area_id: "A4"
kind: "notice"
ai_level: "yellow"
version: 1
task_ids: ["A4-X20260927-7"]
law_stated_as_at: "2026-10-18"
---

# Cleansing notice under Corporations Act s 708A(5)(e), with eligibility check and excluded information record

> A cleansing notice for ASX after a placement made without a disclosure document, with the four statements s 708A(6) requires, an eligibility check against s 708A(5)(a) to (d), and an internal record of the excluded…

Canonical page: https://ailawframework.com/precedents/capital-markets-and-securities-ecm-dcm-and-disclosure/cleansing-notice-s708a-and-excluded-information-record  
Law stated as at: 2026-10-18

Site index for agents: https://ailawframework.com/llms.txt

A cleansing notice for ASX after a placement made without a disclosure document, with the four statements s 708A(6) requires, an eligibility check against s 708A(5)(a) to (d), and an internal record of the excluded information decision.

## Key facts

- Kind: Notice. A formal notice to serve or publish.
- Practice area: [Capital Markets & Securities — ECM/DCM and Disclosure](https://ailawframework.com/precedents/capital-markets-and-securities-ecm-dcm-and-disclosure.md)
- Jurisdictions: Australia
- AI level: Yellow. AI can help in set ways. A lawyer checks specific points before use.
- Law stated as at: 2026-10-18
- Status: Maintained. Checked on 2026-10-18 against the 4 authorities it cites, for Australia.

## When to use it

Use when a listed entity issues quoted-class securities without a prospectus (for example a placement to sophisticated and professional investors) and wants the securities to be able to be on-sold without a disclosure document. The notice must be given within 5 business days after issue and before any on-sale offer. Not for an issue that needs a cleansing prospectus.

## Used for these tasks

- [Prepare the cleansing notice and the excluded-information record](https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure.md#A4-X20260927-7)

## How AI may be used

AI may fill the notice's fixed statements and the issue details from the Appendix 2A and the register, and assemble the excluded information record from the disclosure committee papers; a lawyer decides whether any information is excluded information and whether the entity is eligible.

**AI may:**

- Fill the entity, security class, number and issue date from the Appendix 2A and the issue confirmation
- Count the 5 business days from the issue date and check the 3-month quotation and suspension history from ASX records supplied
- List matters withheld under Listing Rule 3.1A from the disclosure committee register for the lawyer to assess

**AI must not:**

- Must not decide that there is no excluded information
- Must not state compliance with Chapter 2M or ss 674 and 674A without the lawyer's and company secretary's confirmation
- Must not draft disclosure of excluded information without the lawyer settling its content

**The lawyer checks:**

- Eligibility under s 708A(5)(a) to (d) confirmed: quotation for 3 months, suspension limits, no relevant ASIC exemptions or orders
- Every matter currently withheld under Listing Rule 3.1A assessed against s 708A(7) and recorded
- Compliance statements are true as at the date of the notice, after inquiry of the CFO and company secretary
- Notice lodged within 5 business days after issue and before any on-sale offer; the s 708A(9) correction duty diarised

## Authorities

- [Corporations Act 2001 (Cth) s 708A(5) (sale offers not needing disclosure: quoted for 3 months, suspension limits, no s 111AS, 111AT, 340 or 341 relief, notice before the sale offer)](https://www.austlii.edu.au/cgi-bin/viewdb/au/legis/cth/consol_act/ca2001172/s708a.html)
- [Corporations Act 2001 (Cth) s 708A(6) (contents: within 5 business days; issued without disclosure; given under s 708A(5)(e); compliance with Ch 2M and ss 674 and 674A; excluded information)](https://www.austlii.edu.au/cgi-bin/viewdb/au/legis/cth/consol_act/ca2001172/s708a.html)
- [Corporations Act 2001 (Cth) s 708A(7), (8), (9) (meaning of excluded information; extent of disclosure; correcting a defective notice)](https://www.austlii.edu.au/cgi-bin/viewdb/au/legis/cth/consol_act/ca2001172/s708a.html)
- [ASX Listing Rule 3.1A (exception to continuous disclosure)](https://www.asx.com.au/documents/rules/Chapter03.pdf)

## Full text and drafting notes

The full text and the drafting notes are not part of this public page. Signed-in firm accounts can read them at https://ailawframework.com/precedents/capital-markets-and-securities-ecm-dcm-and-disclosure/cleansing-notice-s708a-and-excluded-information-record and through the signed-in MCP connector https://ailawframework.com/mcp/firm.

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*