---
title: "Substantial holding notice checklist for a stake in a listed entity"
url: "https://ailawframework.com/precedents/mergers-and-acquisitions-private-equity/substantial-holding-notice-checklist"
type: "precedent"
site: "AI Law Framework"
id: "a2-substantial-holding-notice-checklist"
area_id: "A2"
kind: "checklist"
ai_level: "yellow"
version: 1
task_ids: ["A2-U20261018-3"]
law_stated_as_at: "2026-10-22"
---

# Substantial holding notice checklist for a stake in a listed entity

> A checklist for giving notice when a person begins or ceases to have a substantial holding in a listed body, or moves by 1% or more, including which form to use before and after 4 December 2026.

Canonical page: https://ailawframework.com/precedents/mergers-and-acquisitions-private-equity/substantial-holding-notice-checklist  
Law stated as at: 2026-10-22

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

## Key facts

- Kind: Checklist. Steps or checks to work through and tick off.
- Practice area: [Mergers & Acquisitions / Private Equity](https://ailawframework.com/precedents/mergers-and-acquisitions-private-equity.md)
- Jurisdictions: Australia
- AI level: Yellow. You and the tool draft together, with you directing. You check every statement you rely on.
- Law stated as at: 2026-10-22
- Status: Maintained. Checked on 2026-10-22 against the 3 authorities it cites, for Australia.

## When to use it

Use when a buyer, bidder or existing holder deals in voting shares or interests of a listed company, listed registered scheme or listed notified foreign passport fund, and the holding may cross 5% or move by 1% or more.

## Used for these tasks

- [Prepare and lodge substantial holding notices for a stake in a listed entity](https://ailawframework.com/practice/mergers-and-acquisitions-private-equity/prepare-and-lodge-substantial-holding-notices-for-a-stake-in-a-listed-en.md)

## How AI may be used

AI may calculate the percentage from the register and the last notice and list the agreements to attach; the lawyer decides whether a notice is required and signs off the form before it is given.

**AI may:**

- Calculate the person's and associates' votes as a percentage of total votes, from instructions and the last notice
- List relevant agreements that are in writing and the details of any that are not
- Diaries the deadline: 2 business days, or 9.30 am on the next trading day if a takeover bid is on and the person becomes aware during the bid period

**AI must not:**

- Must not decide who is an associate, or whether someone has a relevant interest
- Must not send the notice to the listed entity, the market operator or ASIC
- Must not choose the form that applies on or after 4 December 2026 without the lawyer re-reading sections 671B and 671BB

**The lawyer checks:**

- The 5% test in section 9 is applied to the person and associates, including interests that subsections 609(6), 609(7) and 609(9B) or section 609B would otherwise exclude
- A movement of at least 1 percentage point from the percentage last disclosed is measured as section 671B(2) states
- The notice is in the prescribed form current on the day it is given, and is given to the right people and not to ASIC
- Copies of written relevant agreements are attached and endorsed as true copies, unless the transaction was on a declared financial market

## Authorities

- [Corporations Act 2001 (Cth) s 671B (notice to the company, responsible entity or fund operator and each relevant market operator; 1% movement; 2 business days, or 9.30 am next trading day in a bid period)](https://classic.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s671b.html)
- [Corporations Act 2001 (Cth) s 9 definition of substantial holding (5% of votes, counting associates, or an open takeover bid)](https://classic.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s9.html)
- [ASIC, Substantial holding notice (current Forms 603, 604 and 605 until 3 December 2026; new notice from 4 December 2026; transitional forms until 3 June 2027; do not send the form to ASIC)](https://www.asic.gov.au/regulatory-resources/forms/forms-folder/substantial-holding-notice)

## 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/mergers-and-acquisitions-private-equity/substantial-holding-notice-checklist 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.*