Corporations Act 2001

CHAPTER 9 - MISCELLANEOUS  

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

SECTION 1317DAG   EFFECT OF FAILURE TO COMPLY WITH INFRINGEMENT NOTICE  

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

This section applies if an infringement notice issued to a disclosing entity is not withdrawn under section 1317DAI .

1317DAG(2)   Effect of failure to comply with infringement notice.  

If the disclosing entity fails to do a thing specified in column 2 of the following table within the compliance period for the infringement notice, the disclosing entity is liable to the proceedings specified in column 3 of the following table:


Table
Table
Effect of failure to comply with infringement notice
Column 1 Column 2 Column 3
Item If the disclosing entity fails to: the disclosing entity is liable to:
1 pay the penalty specified in the infringement notice proceedings under Part 9.4B for:
(a) a declaration of contravention; and
(b) a pecuniary penalty order;
in relation to the alleged contravention of the provision specified in the infringement notice.
2 notify 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 if it is alleged in the infringement notice that the disclosing entity contravened subsection 674(2) proceedings for an order under section 1324B in relation to the alleged contravention of the provision specified in the infringement notice.
3 lodge any required document with ASIC that contains the information specified in the infringement notice if it is alleged in the infringement notice that the disclosing entity contravened subsection 675(2) proceedings for an order under section 1324B in relation to the alleged contravention of the provision specified in the infringement notice.

1317DAG(3)   No other proceedings may be started etc.  

Subject to subsection (4), no other 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.

1317DAG(4)  
Subsection (3) 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 penalty and disclosure proceedings;

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

(iii) an order made under subsection 1335(2) in relation to penalty and disclosure proceedings;

(iv) 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 penalty and disclosure proceedings;

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

(iii) a decision or order made under subsection 1335(2) in relation to penalty and disclosure proceedings;

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

1317DAG(5)  
To avoid doubt, subsection (3) does not prevent ASIC from:


(a) making a determination under subsection 708AA(3) , 708A(2) , 713(6) , 713A(23) , 1012DAA(3) , 1012DA(2) or 1013FA(3) of this Act; or


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


(c) accepting an undertaking under section 93AA , 93A or 93B of the ASIC Act; or


(d) bringing proceedings to enforce the determination, order or undertaking.


 

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