Corporations Act 2001

CHAPTER 9 - MISCELLANEOUS  

PART 9.4AA - INFRINGEMENT NOTICES FOR ALLEGED CONTRAVENTIONS OF CONTINUOUS DISCLOSURE PROVISIONS  

SECTION 1317DAF   EFFECT OF ISSUE AND COMPLIANCE WITH INFRINGEMENT NOTICE  

1317DAF(1)   Circumstances in which this section applies.  

This section applies if subsection (2) or (3) is satisfied.

1317DAF(2)   [ Non-compliance]  

This subsection is satisfied if:


(a) the compliance period for the infringement notice has not ended; and


(b) the infringement notice is not withdrawn under section 1317DAI ; and


(c) subsection (3) has not been satisfied.

1317DAF(3)   [ Compliance]  

This subsection is satisfied if, within the compliance period for the infringement notice, the disclosing entity:


(a) pays the penalty specified in the infringement notice; and


(b) either:


(i) if it is alleged in the infringement notice that the disclosing entity contravened subsection 674(2) - notifies the relevant market operator, in accordance with the provisions of the listing rules referred to in subsection 674(1) , of any information specified in the infringement notice; or

(ii) if it is alleged in the infringement notice that the disclosing entity contravened subsection 675(2) - lodges any required document with ASIC that contains the information specified in the infringement notice.

Note: If this subsection is satisfied, ASIC must not withdraw the infringement notice, see section 1317DAI .

1317DAF(4)   No contravention etc. by the disclosing entity.  

The disclosing entity is not, by reason only of subsection (3) being satisfied, regarded as:


(a) having contravened the provision specified in the infringement notice; or


(b) having been convicted of an offence constituted by the same conduct that constituted the alleged contravention of the provision specified in the infringement notice.

1317DAF(5)   No proceedings may be started etc.  

Subject to subsection (6), no proceedings (whether criminal or civil) may be started or continued against the disclosing entity in relation to:


(a) the alleged contravention of the provision specified in the infringement notice; or


(b) an offence constituted by the same conduct that constituted the alleged contravention.

1317DAF(6)   [ Exception]  

Subsection (5) does not apply to the following proceedings:


(a) compensation proceedings, contravention proceedings, enforcement proceedings and public interest proceedings that relate to the alleged contravention of the provision specified in the infringement notice;


(b) proceedings to enforce the following orders of a Court:


(i) an order made in relation to proceedings referred to in paragraph (a);

(ii) an order made under subsection 1335(2) in relation to proceedings referred to in paragraph (a) other than public interest proceedings;


(c) any other proceedings in respect of a breach of an order referred to in paragraph (b);


(d) an appeal to a Court against the following decisions or orders of a Court:


(i) a decision or order made in relation to proceedings referred to in paragraph (a);

(ii) a decision or order made under subsection 1335(2) in relation to the proceedings referred to in paragraph (a) other than public interest proceedings.

1317DAF(7)   [ ASIC's powers]  

To avoid doubt, subsection (5) does not prevent ASIC from:


(a) making an order under section 91 of the ASIC Act; or


(b) bringing proceedings to enforce the order.


 

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