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CORPORATIONS ACT 2001

CHAPTER 9 - MISCELLANEOUS  

PART 9.4B - CIVIL CONSEQUENCES OF CONTRAVENING CIVIL PENALTY PROVISIONS  

SECTION 1317E  DECLARATIONS OF CONTRAVENTION  

1317E(1)  

 View history reference
If a Court is satisfied that a person has contravened a civil penalty provision, it must make a declaration of contravention. The provisions specified in column 1 of the following table are civil penalty provisions.
Civil penalty provisions
ItemColumn 1
provisions that are civil penalty provisions
Column 2
brief description of what the provisions are about
1subsections 180(1), 181(1) and (2), 182(1) and (2) and 183(1) and (2)officers' duties
2subsections 188(1) and (2)responsibilities of secretaries etc. for corporate contraventions
3subsection 209(2)related parties rules
4subsections 254L(2), 256D(3), 259F(2) and 260D(2)share capital transactions
5subsection 344(1)requirements for financial reports
6subsection 588G(2)insolvent trading
7subsection 601FC(5)duties of responsible entity
8subsection 601FD(3)duties of officers of responsible entity
9subsection 601FE(3)duties of employees of responsible entity
10subsection 601FG(2)acquisition of interest in scheme by responsible entity
11subsection 601JD(3)duties of members
12subsection 601UAA(2)duties of officers of licensed trustee company
13subsection 601UAB(2)duties of employees of licensed trustee company
14subsections 674(2), 674(2A), 675(2) and 675(2A)continuous disclosure
15subsection 798H(1)complying with market integrity rules
16section 901Ecomplying with derivative transaction rules
17section 903Dcomplying with derivative trade repository rules
18subsections 961K(1) and (2)financial services licensee responsible for breach of certain best interests duties
19section 961Lfinancial services licensee to ensure compliance with certain best interests duties
20subsection 961Q(1)authorised representative responsible for breach of certain best interests duties
21section 962Pcharging ongoing fee after termination of ongoing fee arrangement
22subsection 962S(1)fee recipient must give fee disclosure statement
23subsections 963E(1) and (2)financial services licensee responsible for breach of ban on conflicted remuneration
24section 963Ffinancial services licensee must ensure representatives do not accept conflicted remuneration
25subsection 963G(1)authorised representative must not accept conflicted remuneration
26section 963Jemployer must not pay employees conflicted remuneration
27section 963Kfinancial product issuer or seller must not give conflicted remuneration to financial services licensee or representative
28subsection 964A(1)platform operator must not accept volume-based shelf-space fees
29subsections 964D(1) and (2)financial services licensee responsible for breach of asset-based fees on borrowed amounts
30subsection 964E(1)authorised representative must not charge asset-based fees on borrowed amounts
31section 965anti-avoidance of Part 7.7A provisions
32subsection 985E(1)issuing or increasing limit of margin lending facility without having made assessment etc.
33subsection 985H(1)failure to assess a margin lending facility as unsuitable
34subsection 985J(1)failure to give assessment to retail client if requested before issue of facility or increase in limit
35subsection 985J(2)failure to give assessment to retail client if requested after issue of facility or increase in limit
36subsection 985J(4)demanding payment to give assessment to retail client
37subsection 985K(1)issuing or increasing limit of margin lending facility if unsuitable
38section 985Lmaking issue of margin lending facility conditional on retail client agreeing to receive communications through agent
39subsection 985M(1)failure to notify of margin call where there is no agent
40subsection 985M(2)failure to notify of margin call where there is an agent
41section 1041Amarket manipulation
42subsection 1041B(1)false trading and market rigging - creating a false or misleading appearance of active trading etc.
43subsection 1041C(1)false trading and market rigging - artificially maintaining etc. market price
44section 1041Ddissemination of information about illegal transactions
45subsections 1043A(1) and (2)insider trading
46subclause 29(6) of Schedule 4disclosure for proposed demutualisation

Note 1: Once a declaration has been made ASIC can then seek a pecuniary penalty order (section 1317G) or (in the case of a corporation/scheme civil penalty provision) a disqualification order (section 206C).

Note 2: The descriptions of matters in column 2 are indicative only.

[CCH Note: S 1317E(1) will be amended by No 25 of 2017, s 3, Sch 5[21], by inserting table item 31A after table item 31 (effective 4 April 2018). Table item 31A will read:


31Asubsection 981M(1)complying with client money reporting rules

]

[CCH Note: Act No 180 of 2012, s 3, Sch 7[1] contained the following application provision (which was effective 11 December 2012):

Application of amendments made by this Act

The amendments made by this Act apply in relation to an act or omission by a body corporate occurring on or after the day this Act commences.

]

1317E(2)  

A declaration of contravention must specify the following:


(a) the Court that made the declaration;


(b) the civil penalty provision that was contravened;


(c) the person who contravened the provision;


(d) the conduct that constituted the contravention;


(e) if the contravention is of a corporation/scheme civil penalty provision - the corporation or registered scheme to which the conduct related.
 View history reference


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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