{"id":"qld:sl-2016-0062","name":"Queen's Wharf Brisbane Regulation 2016","slug":"queen-s-wharf-brisbane-regulation-2016","collection":"regulation","jurisdiction":"qld","status":"in_force","isInForce":true,"actNumber":"62 of 2016","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":175052,"registerId":"qld-qld:sl-2016-0062-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"pt.1","sectionType":"part","heading":"Preliminary","content":"# Preliminary","sortOrder":0},{"sectionNumber":"sec.1","sectionType":"section","heading":"Short title","content":"### sec.1 Short title\n\nThis regulation may be cited as the Queen's Wharf Brisbane Regulation 2016 .","sortOrder":1},{"sectionNumber":"sec.2","sectionType":"section","heading":"Commencement","content":"### sec.2 Commencement\n\nThis regulation commences on 27 May 2016.","sortOrder":2},{"sectionNumber":"sec.3","sectionType":"section","heading":"Interpretation","content":"### sec.3 Interpretation\n\nIn this regulation—\ncontrol has the meaning given by section 50AA of the Corporations Act .\nnotice requirement percentage , in relation to voting interests in a relevant entity held by a person, means—\nthe lower percentage amount mentioned in section 6 (1) (a) or (b) ; or\nthe percentage amount mentioned in section 6 (1) (c) .\nWords and expressions used in chapter 4 of the Act have the same meaning in this regulation as they have in chapter 4 of the Act .\n(sec.3-ssec.1) In this regulation— control has the meaning given by section 50AA of the Corporations Act . notice requirement percentage , in relation to voting interests in a relevant entity held by a person, means— the lower percentage amount mentioned in section 6 (1) (a) or (b) ; or the percentage amount mentioned in section 6 (1) (c) .\n(sec.3-ssec.2) Words and expressions used in chapter 4 of the Act have the same meaning in this regulation as they have in chapter 4 of the Act .\n- (a) the lower percentage amount mentioned in section 6 (1) (a) or (b) ; or\n- (b) the percentage amount mentioned in section 6 (1) (c) .","sortOrder":3},{"sectionNumber":"pt.2","sectionType":"part","heading":"Interests in relevant entities","content":"# Interests in relevant entities","sortOrder":4},{"sectionNumber":"pt.2-div.1","sectionType":"division","heading":"Notice requirements— Act , s 27","content":"## Notice requirements— Act , s 27","sortOrder":5},{"sectionNumber":"sec.4","sectionType":"section","heading":"Application of division","content":"### sec.4 Application of division\n\nThis division prescribes notice requirements under section 27 of the Act in relation to voting interests in the following relevant entities—\nthe licensee or IR Holdco;\nany other relevant entity that is a trustee of the IR Holding Trust or IR Operating Trust;\nthe IR Holding Trust or IR Operating Trust.\n- (a) the licensee or IR Holdco;\n- (b) any other relevant entity that is a trustee of the IR Holding Trust or IR Operating Trust;\n- (c) the IR Holding Trust or IR Operating Trust.","sortOrder":6},{"sectionNumber":"sec.5","sectionType":"section","heading":"Provision for associates","content":"### sec.5 Provision for associates\n\nFor this division, the voting interests in a relevant entity held by a person include voting interests in the relevant entity on issue that are held by an associate of the person.\nHowever, persons are not associates of each other only because they are parties to an interestholder document within the meaning of the casino agreement.\nSee clause 1.1 of the casino agreement for the definition interestholder documents .\n(sec.5-ssec.1) For this division, the voting interests in a relevant entity held by a person include voting interests in the relevant entity on issue that are held by an associate of the person.\n(sec.5-ssec.2) However, persons are not associates of each other only because they are parties to an interestholder document within the meaning of the casino agreement. See clause 1.1 of the casino agreement for the definition interestholder documents .","sortOrder":7},{"sectionNumber":"sec.6","sectionType":"section","heading":"Notice requirement—holder of voting interests","content":"### sec.6 Notice requirement—holder of voting interests\n\nThis section applies if a person is aware the total number of voting interests in a relevant entity held by the person is—\nmore than 5% but not more than 10% of the total number of voting interests on issue; or\nmore than 10% but not more than 20% of the total number of voting interests on issue; or\nmore than 20% of the total number of voting interests on issue.\nThe person must, within the period mentioned in subsection (3) , give the relevant entity written notice in the approved form of the person’s voting interests in the entity.\nMaximum penalty—10 penalty units.\nFor subsection (2) , the period is 5 business days after the day the person first becomes aware that the total number of voting interests in the relevant entity held by the person exceeds the notice requirement percentage.\nIf the person holds voting interests in more than 1 relevant entity mentioned in section 4 , the person must comply with subsection (2) in relation to each of the entities.\nSee also division 2 in relation to exemptions from the requirement to comply with this provision.\n(sec.6-ssec.1) This section applies if a person is aware the total number of voting interests in a relevant entity held by the person is— more than 5% but not more than 10% of the total number of voting interests on issue; or more than 10% but not more than 20% of the total number of voting interests on issue; or more than 20% of the total number of voting interests on issue.\n(sec.6-ssec.2) The person must, within the period mentioned in subsection (3) , give the relevant entity written notice in the approved form of the person’s voting interests in the entity. Maximum penalty—10 penalty units.\n(sec.6-ssec.3) For subsection (2) , the period is 5 business days after the day the person first becomes aware that the total number of voting interests in the relevant entity held by the person exceeds the notice requirement percentage.\n(sec.6-ssec.4) If the person holds voting interests in more than 1 relevant entity mentioned in section 4 , the person must comply with subsection (2) in relation to each of the entities.\n- (a) more than 5% but not more than 10% of the total number of voting interests on issue; or\n- (b) more than 10% but not more than 20% of the total number of voting interests on issue; or\n- (c) more than 20% of the total number of voting interests on issue.","sortOrder":8},{"sectionNumber":"sec.7","sectionType":"section","heading":"Notice requirement—relevant entity","content":"### sec.7 Notice requirement—relevant entity\n\nThis section applies if a relevant entity is aware the total number of voting interests in the entity held by a person exceeds a notice requirement percentage.\nThe relevant entity must, within the period mentioned in subsection (3) , give the Minister written notice of that fact in the approved form.\nFor subsection (2) , the period is 10 business days after the earlier of the following events—\nthe relevant entity receives notice of the person’s voting interests in the entity under section 6 ;\nthe relevant entity otherwise becomes aware that the total number of voting interests in the entity held by the person exceeds the notice requirement percentage.\n(sec.7-ssec.1) This section applies if a relevant entity is aware the total number of voting interests in the entity held by a person exceeds a notice requirement percentage.\n(sec.7-ssec.2) The relevant entity must, within the period mentioned in subsection (3) , give the Minister written notice of that fact in the approved form.\n(sec.7-ssec.3) For subsection (2) , the period is 10 business days after the earlier of the following events— the relevant entity receives notice of the person’s voting interests in the entity under section 6 ; the relevant entity otherwise becomes aware that the total number of voting interests in the entity held by the person exceeds the notice requirement percentage.\n- (a) the relevant entity receives notice of the person’s voting interests in the entity under section 6 ;\n- (b) the relevant entity otherwise becomes aware that the total number of voting interests in the entity held by the person exceeds the notice requirement percentage.","sortOrder":9},{"sectionNumber":"pt.2-div.2","sectionType":"division","heading":"Exemptions— Act , s 29","content":"## Exemptions— Act , s 29","sortOrder":10},{"sectionNumber":"sec.8","sectionType":"section","heading":"Purpose of division","content":"### sec.8 Purpose of division\n\nThis division prescribes exemptions under section 29 of the Act .","sortOrder":11},{"sectionNumber":"sec.9","sectionType":"section","heading":"Exemption from requirements about voting power","content":"### sec.9 Exemption from requirements about voting power\n\nA person (an exempt person ) is exempt from the requirement to comply with section 20 or 23 of the Act (each the relevant section ) in relation to voting power in a relevant entity if—\nthe exempt person is a body corporate; and\nthe exempt person does not have a relevant interest in any voting interests in the relevant entity; and\nthe exempt person would, but for this section, be required to obtain the required approval under the relevant section only because the exempt person’s associate (a non-exempt person ) has a relevant interest in voting interests in the relevant entity; and\nthe non-exempt person—\nis a body corporate; and\nhas obtained the required approval under the relevant section; and\nthe non-exempt person is an associate of the exempt person only because the non-exempt person—\ncontrols the exempt person; or\nis controlled by another entity that controls the exempt person.\n- (a) the exempt person is a body corporate; and\n- (b) the exempt person does not have a relevant interest in any voting interests in the relevant entity; and\n- (c) the exempt person would, but for this section, be required to obtain the required approval under the relevant section only because the exempt person’s associate (a non-exempt person ) has a relevant interest in voting interests in the relevant entity; and\n- (d) the non-exempt person— (i) is a body corporate; and (ii) has obtained the required approval under the relevant section; and\n- (i) is a body corporate; and\n- (ii) has obtained the required approval under the relevant section; and\n- (e) the non-exempt person is an associate of the exempt person only because the non-exempt person— (i) controls the exempt person; or (ii) is controlled by another entity that controls the exempt person.\n- (i) controls the exempt person; or\n- (ii) is controlled by another entity that controls the exempt person.\n- (i) is a body corporate; and\n- (ii) has obtained the required approval under the relevant section; and\n- (i) controls the exempt person; or\n- (ii) is controlled by another entity that controls the exempt person.","sortOrder":12},{"sectionNumber":"sec.10","sectionType":"section","heading":"Exemption from requirements about non-voting interests","content":"### sec.10 Exemption from requirements about non-voting interests\n\nA person (an exempt person ) is exempt from the requirement to comply with section 21 of the Act in relation to non-voting interests in a relevant entity if—\nthe exempt person is a body corporate; and\nthe exempt person does not have a relevant interest in any non-voting interests in the relevant entity; and\nanother person (a non-exempt person ) who is an associate of the exempt person—\nis a body corporate; and\nhas a relevant interest in non-voting interests in the relevant entity; and\nhas obtained the required approval under section 21 of the Act ; and\nthe non-exempt person is an associate of the exempt person only because the non-exempt person—\ncontrols the exempt person; or\nis controlled by another entity that controls the exempt person.\n- (a) the exempt person is a body corporate; and\n- (b) the exempt person does not have a relevant interest in any non-voting interests in the relevant entity; and\n- (c) another person (a non-exempt person ) who is an associate of the exempt person— (i) is a body corporate; and (ii) has a relevant interest in non-voting interests in the relevant entity; and (iii) has obtained the required approval under section 21 of the Act ; and\n- (i) is a body corporate; and\n- (ii) has a relevant interest in non-voting interests in the relevant entity; and\n- (iii) has obtained the required approval under section 21 of the Act ; and\n- (d) the non-exempt person is an associate of the exempt person only because the non-exempt person— (i) controls the exempt person; or (ii) is controlled by another entity that controls the exempt person.\n- (i) controls the exempt person; or\n- (ii) is controlled by another entity that controls the exempt person.\n- (i) is a body corporate; and\n- (ii) has a relevant interest in non-voting interests in the relevant entity; and\n- (iii) has obtained the required approval under section 21 of the Act ; and\n- (i) controls the exempt person; or\n- (ii) is controlled by another entity that controls the exempt person.","sortOrder":13},{"sectionNumber":"sec.11","sectionType":"section","heading":"Exemption from requirements about convertible securities","content":"### sec.11 Exemption from requirements about convertible securities\n\nA person (an exempt person ) is exempt from the requirement to comply with section 22 of the Act in relation to convertible securities in a relevant entity if—\nthe exempt person is a body corporate; and\nthe exempt person does not have a relevant interest in any convertible securities in the relevant entity; and\nanother person (a non-exempt person ) who is an associate of the exempt person—\nis a body corporate; and\nhas a relevant interest in convertible securities in the relevant entity; and\nhas obtained the required approval under section 22 of the Act ; and\nthe non-exempt person is an associate of the exempt person only because the non-exempt person—\ncontrols the exempt person; or\nis controlled by another entity that controls the exempt person.\n- (a) the exempt person is a body corporate; and\n- (b) the exempt person does not have a relevant interest in any convertible securities in the relevant entity; and\n- (c) another person (a non-exempt person ) who is an associate of the exempt person— (i) is a body corporate; and (ii) has a relevant interest in convertible securities in the relevant entity; and (iii) has obtained the required approval under section 22 of the Act ; and\n- (i) is a body corporate; and\n- (ii) has a relevant interest in convertible securities in the relevant entity; and\n- (iii) has obtained the required approval under section 22 of the Act ; and\n- (d) the non-exempt person is an associate of the exempt person only because the non-exempt person— (i) controls the exempt person; or (ii) is controlled by another entity that controls the exempt person.\n- (i) controls the exempt person; or\n- (ii) is controlled by another entity that controls the exempt person.\n- (i) is a body corporate; and\n- (ii) has a relevant interest in convertible securities in the relevant entity; and\n- (iii) has obtained the required approval under section 22 of the Act ; and\n- (i) controls the exempt person; or\n- (ii) is controlled by another entity that controls the exempt person.","sortOrder":14},{"sectionNumber":"sec.12","sectionType":"section","heading":"Exemption from notice requirements—voting interests in licensee or IR Holdco etc.","content":"### sec.12 Exemption from notice requirements—voting interests in licensee or IR Holdco etc.\n\nThis section applies if a person—\nholds voting interests in a relevant entity mentioned in section 4 only because an associate of the person holds voting interests in the relevant entity; and\nis exempt, under section 9 , from the requirement to comply with section 20 of the Act in relation to the person’s voting power in the relevant entity.\nThe person is exempt from the requirement under section 6 to give notice in relation to the voting interests in the relevant entity held by the person.\nThe relevant entity is exempt from the requirement under section 7 to give notice in relation to the voting interests in the relevant entity held by the person.\n(sec.12-ssec.1) This section applies if a person— holds voting interests in a relevant entity mentioned in section 4 only because an associate of the person holds voting interests in the relevant entity; and is exempt, under section 9 , from the requirement to comply with section 20 of the Act in relation to the person’s voting power in the relevant entity.\n(sec.12-ssec.2) The person is exempt from the requirement under section 6 to give notice in relation to the voting interests in the relevant entity held by the person.\n(sec.12-ssec.3) The relevant entity is exempt from the requirement under section 7 to give notice in relation to the voting interests in the relevant entity held by the person.\n- (a) holds voting interests in a relevant entity mentioned in section 4 only because an associate of the person holds voting interests in the relevant entity; and\n- (b) is exempt, under section 9 , from the requirement to comply with section 20 of the Act in relation to the person’s voting power in the relevant entity.","sortOrder":15},{"sectionNumber":"sec.13","sectionType":"section","heading":"Exemption from notice requirements—voting power in other relevant entities","content":"### sec.13 Exemption from notice requirements—voting power in other relevant entities\n\nThis section applies if a person—\nholds voting power in a relevant entity, other than a relevant entity mentioned in section 4 , that is more than 10% but not more than 20%; and\nwould be exempt, under section 9 , from the requirement to comply with section 23 of the Act in relation to the person’s voting power in the relevant entity if the person’s voting power was more than 20%.\nThe person is exempt from the requirement under section 28 (1) of the Act to give notice of the person’s voting power in the relevant entity.\nThe relevant entity is exempt from the requirement under section 28 (2) of the Act to give notice of the person’s voting power in the relevant entity.\n(sec.13-ssec.1) This section applies if a person— holds voting power in a relevant entity, other than a relevant entity mentioned in section 4 , that is more than 10% but not more than 20%; and would be exempt, under section 9 , from the requirement to comply with section 23 of the Act in relation to the person’s voting power in the relevant entity if the person’s voting power was more than 20%.\n(sec.13-ssec.2) The person is exempt from the requirement under section 28 (1) of the Act to give notice of the person’s voting power in the relevant entity.\n(sec.13-ssec.3) The relevant entity is exempt from the requirement under section 28 (2) of the Act to give notice of the person’s voting power in the relevant entity.\n- (a) holds voting power in a relevant entity, other than a relevant entity mentioned in section 4 , that is more than 10% but not more than 20%; and\n- (b) would be exempt, under section 9 , from the requirement to comply with section 23 of the Act in relation to the person’s voting power in the relevant entity if the person’s voting power was more than 20%.","sortOrder":16}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The regulation appears tightly scoped to its original purpose of implementing notification and exemption provisions for the Queen's Wharf Brisbane casino development. It does not appear to have expanded beyond the specific statutory framework established by the parent Act."},"complexity_factors":["Multiple cross-references to the parent Act (Queen's Wharf Brisbane Act) and the Corporations Act 2001 (Cth)","Nested conditional logic in exemption provisions (sections 9-13) requiring multiple cumulative conditions to be satisfied","Defined terms rely on external documents (casino agreement clause 1.1 for 'interestholder documents')","Complex corporate law concepts imported from Corporations Act (control, relevant interest, associates)","Tiered notification thresholds (5%/10%/20%) with different rules applying to different entity types","Exemptions that depend on hypothetical scenarios (section 13: 'would be exempt...if')"],"plain_english_summary":"This regulation sets out the rules for who must notify the Queensland Government about owning shares or interests in the Queen's Wharf Brisbane casino development.\n\n**What it does:**\n- **Requires disclosure** when someone acquires significant ownership stakes (more than 5%, 10%, or 20%) in the casino licensee, the holding company (IR Holdco), or related trusts.\n- **Sets deadlines:** Investors must notify the company within 5 business days; the company must then tell the Minister within 10 business days.\n- **Creates exemptions** for corporate groups where a parent company already has approval, so subsidiaries don't need to apply separately for approval or give duplicate notices.\n\n**Who it affects:**\n- Investors buying into the Queen's Wharf Brisbane casino project\n- The casino licensee and holding companies\n- Corporate groups with complex ownership structures\n\n**Why it matters:**\nCasinos are tightly regulated to prevent money laundering, criminal influence, and problem gambling. This ensures the government knows who controls or influences the casino operation. The exemptions prevent red tape where a parent company and its subsidiaries are effectively the same economic interest.\n\n**Key terms explained:**\n- **Voting interests:** Shares that give you a say in company decisions\n- **Relevant entity:** The specific companies and trusts involved in the casino project\n- **Associate:** Someone connected to you (like a business partner or controlled company) whose shares count as yours for disclosure purposes\n- **Convertible securities:** Financial instruments that can become shares later"},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"summary":{"complexity_score":7,"scope_assessment":{"changed":false,"description":"The regulation appears to stay within its intended scope: operationalising the ownership transparency and notification framework for the Queen's Wharf Brisbane casino development as contemplated by Chapter 4 of the parent Act. The exemption provisions, while detailed, are a predictable feature of corporate casino ownership regulation and do not appear to expand or narrow the regulation's original purpose."},"complexity_factors":["Requires cross-referencing multiple external instruments: the parent Act (Queen's Wharf Brisbane Act), the Corporations Act (for the definition of 'control'), and the casino agreement (for 'interestholder documents')","Layered corporate structure concepts: voting interests, non-voting interests, convertible securities, associates, control relationships between parent/subsidiary entities","Multiple tiered percentage thresholds (5%, 10%, 20%) with different legal consequences at each level","Dual notification obligations flowing in two directions — from investor to entity, then entity to Minister — with different time limits for each","Exemption provisions that depend on meeting multiple cumulative conditions simultaneously, including hypothetical conditions ('would be exempt if...')","Requires understanding of specialised trust structures (IR Holding Trust, IR Operating Trust) that are specific to this casino development","Associate provisions with carve-outs require careful analysis of the casino agreement's own definitions","Interplay between this regulation and multiple sections of the parent Act (ss.20, 21, 22, 23, 27, 28, 29)"],"plain_english_summary":"## Queen's Wharf Brisbane Regulation 2016\n\n### What is this?\nThis regulation supports the oversight of the **Queen's Wharf Brisbane integrated resort and casino development** — a major mixed-use precinct being built in Brisbane's CBD. It sits under a broader Queensland law (referred to throughout as \"the Act\") that governs casino licensing and ownership.\n\n### Who does it affect?\nThis regulation primarily affects **investors, companies, and corporate groups** who hold — or are acquiring — ownership stakes (called \"voting interests\") in the entities that own or operate the Queen's Wharf Brisbane casino and resort development.\n\nOrdinary members of the public are not directly affected, but the regulation exists to protect the public interest by ensuring the Queensland Government knows who actually controls this major casino development.\n\n### What does it actually do?\n\n**📋 Ownership disclosure (notification rules)**\nIf you or your company acquires a significant stake in one of the key Queen's Wharf entities (such as the licensee — the company holding the casino licence — or related holding structures called \"IR Holdco\", the \"IR Holding Trust\", or the \"IR Operating Trust\"), you must **tell the relevant entity in writing** within **5 business days**. The trigger thresholds are:\n- Crossing **5%** of voting interests\n- Crossing **10%** of voting interests\n- Crossing **20%** of voting interests\n\nBreaching this requirement carries a **penalty of up to 10 penalty units** (a relatively small fine for corporations).\n\nIf you hold stakes in *multiple* Queen's Wharf entities, you must lodge separate notices for each one.\n\nImportantly, your stake is **counted alongside the stakes of your \"associates\"** (people or companies closely connected to you, like a parent or subsidiary company) — except where those associates are merely parties to certain agreed ownership documents under the casino agreement.\n\n**📢 Entity's obligation to tell the Minister**\nOnce a Queen's Wharf entity *receives* one of those notices — or *otherwise becomes aware* of a significant ownership crossing — it must **notify the Queensland Minister** within **10 business days**. This is the chain of accountability that keeps the government informed.\n\n**🔓 Exemptions (who gets let off the hook)**\nThe regulation carves out exemptions for certain **corporate group situations** where requiring every company in a chain to comply would be duplicative and impractical. Specifically:\n- If a **parent company** (or another company in the same corporate group) has already obtained the required government approval for holding voting interests, non-voting interests, or convertible securities (financial instruments that can convert into ownership stakes), a **subsidiary or related company** that doesn't directly hold those interests itself doesn't also need to get approval.\n- Similarly, those exempt companies and their related entities don't need to lodge ownership disclosure notices.\n- There's also a specific exemption for entities holding between 10–20% voting power in certain related entities, where they would qualify for an exemption if they crossed the 20% threshold.\n\n### Why does this matter?\nCasino operations are heavily regulated in Queensland because of risks around money laundering, organised crime influence, and integrity of gaming. These rules ensure the Queensland Government can **track who really controls** the Queen's Wharf casino at all times — including through complex multi-layered corporate structures (where many companies are stacked on top of each other). The exemptions are practical concessions to avoid bureaucratic overload within legitimate corporate groups, while still maintaining oversight at the top level."},"issue_detection":{"absurdities":[{"type":"circular_definition","section":"sec.3 (definition of 'notice requirement percentage')","severity":"high","reasoning":"Section 6(1)(a) describes a range between 5% and 10%, and section 6(1)(b) describes a range between 10% and 20%. The definition says 'the lower percentage amount mentioned in' these subsections, but neither subsection specifies a single, discrete lower percentage amount — they describe bands. The definition fails to identify a determinate threshold, making it impossible to objectively establish when the 'notice requirement percentage' is exceeded. This undermines the entire notice regime built on this definition.","confidence":0.85,"description":"The definition of 'notice requirement percentage' refers to 'the lower percentage amount mentioned in section 6(1)(a) or (b)' — but section 6(1)(a) and (b) do not contain single fixed percentage amounts. They describe ranges ('more than 5% but not more than 10%' and 'more than 10% but not more than 20%'). There is no single 'lower percentage amount' identifiable from those subsections, creating an ambiguous and potentially meaningless definition."},{"type":"other","section":"sec.6(3)","severity":"medium","reasoning":"The phrase 'first becomes aware' combined with a definition of 'notice requirement percentage' that encompasses multiple threshold bands is logically unclear. If a person crosses from 5% to 11% in a single transaction, it is ambiguous whether one or two notice obligations are triggered and whether the 'first becomes aware' language resets at each band. The regulation provides no mechanism for handling simultaneous or sequential threshold crossings.","confidence":0.75,"description":"Section 6(3) triggers the 5-business-day notice period from the day the person 'first becomes aware' that their voting interests exceed 'the notice requirement percentage'. However, 'notice requirement percentage' is defined to mean a range of possible thresholds (5%, 10%, or 20%). A person who has already crossed the 5% threshold and given notice cannot logically 'first become aware' of exceeding the same percentage a second time, creating uncertainty about whether the obligation is triggered anew at each successive threshold or only once."},{"type":"impossible_compliance","section":"sec.13(1)(b)","severity":"medium","reasoning":"The exemption condition requires assessing whether a person would qualify for an exemption under section 9 in a hypothetical scenario where their voting power exceeds 20%, even though their actual voting power is only between 10% and 20%. The conditions for section 9 exemption (e.g., whether the non-exempt person has actually 'obtained the required approval' under section 23 for a holding over 20%) depend on facts that do not yet exist. A regulator or court must speculate about what approvals would or would not have been sought and granted in a different factual scenario.","confidence":0.72,"description":"Section 13 grants an exemption from notice requirements to a person holding between 10% and 20% voting power in a relevant entity on the hypothetical basis that the person 'would be exempt' under section 9 if their voting power were more than 20%. This requires determining present exemption eligibility based on a counterfactual future state (holding more than 20%) that has not yet occurred and may never occur, making compliance assessment speculative and potentially impossible."},{"type":"other","section":"sec.3 (duplication)","severity":"low","reasoning":"The regulation appears to set out the content of section 3 twice: once as a plain-text block and again as numbered subsections. If these are treated as separate operative provisions, any future amendment to one but not the other would create contradictory definitions within the same section.","confidence":0.65,"description":"Section 3 is duplicated verbatim in its own body — the same definitions appear first as running text and then identically as subsection (sec.3-ssec.1) and (sec.3-ssec.2). While this may be a formatting artefact, the presence of two co-existing textual versions of the same provision creates a risk of interpretive divergence if they are ever amended inconsistently."},{"type":"other","section":"sec.9(e)(ii)","severity":"low","reasoning":"The exemption in section 9(e)(ii) is intended to capture sibling company relationships (both companies controlled by a common parent). However, because 'control' is defined by reference to section 50AA of the Corporations Act — which itself involves complex deemed control provisions — the scope of 'another entity that controls the exempt person' could be unexpectedly broad or circular in complex corporate group structures.","confidence":0.6,"description":"Section 9(e)(ii) provides that the non-exempt person is an associate of the exempt person 'only because the non-exempt person is controlled by another entity that controls the exempt person.' This describes a common parent/sibling relationship. However, in a sibling relationship neither entity controls the other — control runs from the parent. The provision attempts to describe a structural relationship but uses language ('the non-exempt person is controlled by another entity that controls the exempt person') that may inadvertently capture scenarios well beyond a simple parent-subsidiary chain, potentially including circular or cross-controlled structures."}],"contradictions":[{"severity":"medium","section_a":"sec.5(1)","section_b":"sec.5(2)","confidence":0.7,"description":"Section 5(1) provides that voting interests held by an associate of a person are included in that person's voting interests for the purpose of the division. Section 5(2) carves out persons who are associates only because they are parties to an interestholder document. However, because section 5(1) uses the broad term 'associate' without qualification, and section 5(2) only removes the associate relationship rather than the aggregation rule, a person whose only associate-relationship arose from an interestholder document may still have those interests aggregated if some other, independent basis for association also exists — but the drafting does not make clear whether the carve-out operates on the relationship or on the aggregation consequence."},{"severity":"low","section_a":"sec.6(1)","section_b":"sec.7(1)","confidence":0.62,"description":"Section 6(1) imposes an obligation on a person when their voting interests exceed a notice requirement percentage and they are 'aware' of that fact. Section 7(1) imposes an obligation on the relevant entity when it is 'aware' the person's interests exceed a notice requirement percentage. The entity's 10-business-day period in section 7(3) runs from the earlier of receiving the person's notice under section 6 or otherwise becoming aware. However, if the person qualifies for an exemption under section 12 and is not required to give notice under section 6, the relevant entity's trigger in section 7(3)(a) can never be activated by receipt of a section 6 notice — yet section 7(3)(b) (independent awareness) and the entity's own obligation under section 7 remain operative unless section 12(3) also exempts the entity. Section 12(3) does provide that exemption, but the logical sequencing means section 7 creates an obligation on the entity that section 12(3) must then undo, rather than the exemption being built into section 7's trigger conditions, creating interpretive risk about the order of application."},{"severity":"high","section_a":"sec.9(e)","section_b":"sec.12(1)(a)","confidence":0.78,"description":"Section 9 grants an exemption only to a body corporate (the exempt person) that does not itself hold any relevant interest in voting interests. Section 12(1)(a) applies to a person who 'holds voting interests in a relevant entity only because an associate of the person holds voting interests.' If the person holds voting interests through attribution from an associate, section 9(b) would appear to disqualify that same person from the section 9 exemption (because they have a relevant interest through the associate), yet section 12 presupposes the person simultaneously qualifies for the section 9 exemption. This creates a tension: the attributed interest under section 5(1) may constitute a 'relevant interest' that disqualifies the person from section 9, which is a precondition for section 12."},{"severity":"high","section_a":"sec.6(1)(a)-(c)","section_b":"sec.3 (definition of 'notice requirement percentage')","confidence":0.8,"description":"Section 6(1) sets out three distinct threshold bands (>5%–10%, >10%–20%, >20%), each of which independently triggers a notice obligation. The definition of 'notice requirement percentage' in section 3 identifies only 'the lower percentage amount' in paragraphs (a) or (b), or 'the percentage amount' in paragraph (c). Section 6(3) then uses 'notice requirement percentage' to set the trigger for the 5-day clock. This creates a contradiction: section 6(1) suggests three separate obligations arise at three bands, but section 6(3)'s clock only refers to the single 'notice requirement percentage', implying only one notice obligation exists per threshold crossing. It is internally contradictory whether separate notices and separate 5-day clocks apply at each of the three thresholds."}]}},"importantCases":[],"_links":{"self":"/api/acts/queen-s-wharf-brisbane-regulation-2016","history":"/api/acts/queen-s-wharf-brisbane-regulation-2016/history","analysis":"/api/acts/queen-s-wharf-brisbane-regulation-2016/analysis","conflicts":"/api/acts/queen-s-wharf-brisbane-regulation-2016/conflicts","importantCases":"/api/acts/queen-s-wharf-brisbane-regulation-2016/important-cases","documents":"/api/acts/queen-s-wharf-brisbane-regulation-2016/documents"}}