Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1317G

Corporation/scheme civil penalty provisions

             (1)  A Court may order a person to pay the Commonwealth a pecuniary penalty of up to $200,000 if:

                     (a)  a declaration of contravention by the person has been made under section 1317E; and

                    (aa)  the contravention is of a corporation/scheme civil penalty provision; and

                     (b)  the contravention:

                              (i)  materially prejudices the interests of the corporation or scheme, or its members; or

                             (ii)  materially prejudices the corporation's ability to pay its creditors; or

                            (iii)  is serious.

Financial services civil penalty provisions

          (1A)  A Court may order a person to pay the Commonwealth a pecuniary penalty of the relevant maximum amount if:

                     (a)  a declaration of contravention by the person has been made under section 1317E; and

                     (b)  the contravention is of a financial services civil penalty provision; and

                     (c)  the contravention:

                              (i)  materially prejudices the interests of acquirers or disposers of the relevant financial products; or

                             (ii)  materially prejudices the issuer of the relevant financial products or, if the issuer is a corporation or scheme, the members of that corporation or scheme; or

                            (iii)  is serious.

          (1B)  The relevant maximum amount is:

                     (a)  $200,000 for an individual; or

                     (b)  $1 million for a body corporate.

Market integrity rules

          (1C)  A Court may order a person to pay the Commonwealth a pecuniary penalty if:

                     (a)  a declaration of contravention by the person has been made under section 1317E; and

                     (b)  the contravention is of subsection 798H(1) (complying with market integrity rules).

          (1D)  The maximum amount that the court may order the person to pay for contravening a market integrity rule is the penalty amount set out in the market integrity rules for the rule.

Penalty a civil debt etc.

             (2)  The penalty is a civil debt payable to ASIC on the Commonwealth's behalf. ASIC or the Commonwealth may enforce the order as if it were an order made in civil proceedings against the person to recover a debt due by the person. The debt arising from the order is taken to be a judgment debt.