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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 171D Use and disclosure of information

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 171D

Use and disclosure of information

  (1)   A person commits an offence if:

  (a)   the person is or was a member of a Financial Services and Credit Panel; and

  (b)   the person uses or discloses information; and

  (c)   the information was obtained by the person in connection with the performance of the panel's functions or the exercise of the panel's powers.

Penalty:   2 years imprisonment.

  (2)   Subsection   (1) does not apply if the use or disclosure:

  (a)   is required or permitted by a law of the Commonwealth or a prescribed law of a State or Territory; or

  (b)   is made to ASIC for the purposes of the performance of ASIC's functions, or the exercise of its powers, under the corporations legislation or the National Consumer Credit Protection Act 2009 ; or

  (c)   is made to the Tax Practitioners Board for the purposes of the performance of the Board's functions, or the exercise of its powers, under the Tax Agent Services Act 2009 ; or

  (d)   is made for the purposes of the performance of the panel's functions or the exercise of its powers; or

  (e)   is made to another Financial Services and Credit Panel for the purposes of the performance of the other panel's functions or the exercise of the other panel's powers.

Note:   A defendant bears an evidential burden in relation to the matters in subsection   (2) (see subsection   13.3(3) of the Criminal Code ).