Financial Services Reform Act 2001 (122 of 2001)
Schedule 1 Financial Services and Markets
Part 2 Consequential amendments
Corporations Act 2001
441 After subsection 1317G(1)
Insert:
Financial services civil penalty provisions
(1A) A Court may order a person to pay the Commonwealth a pecuniary penalty of up to $200,000 if:
(a) a declaration of contravention by the person has been made under section 1317E; and
(b) the contravention is of a financial services civil penalty provision; and
(c) the contravention:
(i) materially prejudices the interests of acquirers or disposers of the relevant financial products; or
(ii) materially prejudices the issuer of the relevant financial products or, if the issuer is a corporation or scheme, the members of that corporation or scheme; or
(iii) is serious.
Note: The following heading to subsection 1317G(1) is inserted Penalty a civil debt etc..