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.”.