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CORPORATIONS ACT 2001

CHAPTER 9 - MISCELLANEOUS  

PART 9.4B - CIVIL CONSEQUENCES OF CONTRAVENING CIVIL PENALTY PROVISIONS  

SECTION 1317HB  COMPENSATION ORDERS - MARKET INTEGRITY RULES AND CLIENT MONEY REPORTING RULES  

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Compensation for damage suffered

1317HB(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 798H(1) (complying with market integrity rules) or 981M(1) (complying with client money reporting rules); and
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(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 .

1317HB(2)  

Subsection (1) does not apply in relation to a contravention by the operator of a licensed market acting in that capacity.

Damage includes profits

1317HB(3)  

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

1317HB(4)  

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

1317HB(5)  

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


 



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