Treasury Laws Amendment (2017 Measures No. 5) Act 2018 (27 of 2018)

Schedule 1   Financial benchmarks

Part 2   Main consequential amendments

Corporations Act 2001

27   After section 1317HB


1317HC Compensation orders - financial benchmark rules or compelled financial benchmark rules

Compensation for damage suffered

(1) A Court may order a person (the liable person ) to compensate another person (including a corporation), or a registered scheme, for damage suffered by the person or scheme if:

(a) the liable person has contravened subsection 908CF(1) (complying with rules about financial benchmarks); and

(b) the damage resulted from the contravention.

The order must specify the amount of compensation.

Note: An order may be made under this subsection whether or not a declaration of contravention has been made under section 1317E.

Damage includes profits

(2) In determining the damage suffered by a person or scheme for the purposes of making a compensation order, include profits made by any person resulting from the contravention.

Damage to scheme includes diminution of value of scheme property

(3) In determining the damage suffered by a registered scheme for the purposes of making a compensation order, include any diminution in the value of the property of the scheme.

Recovery of damage

(4) A compensation order may be enforced as if it were a judgment of the Court.

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