Insolvency Law Reform Act 2016 (11 of 2016)

Schedule 2   Amendments relating to the Insolvency Practice Schedule (Corporations)

Part 2   Amendments consequential on the introduction of the Insolvency Practice Schedule (Corporations)

Australian Securities and Investments Commission Act 2001

22   After subsection 127(4EA)

Insert:

(4EB) If ASIC discloses information to a prescribed body under subparagraph (4)(d)(ii), the body or a member of the body:

(a) must not disclose the information to any other person; and

(b) must not use the information for any purpose other than the performance of the prescribed functions in relation to registered liquidators.

Penalty: Imprisonment for 2 years.