Commonwealth Consolidated Acts

FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998 - SECT 26

             (1)  The regulations may make provision for and in relation to requiring a person:

                     (a)  to keep and retain records, where the records are relevant to an ownership matter; and

                     (b)  to give information to the Treasurer that is relevant to an ownership matter; or

                     (c)  to give information to a financial sector company, where the information is relevant to an ownership matter that concerns the company.

Note:           Ownership matter is defined by subsection (6).

Statutory declarations

             (2)  The regulations may provide that information given in accordance with a requirement covered by paragraph (1)(b) or (c) must be verified by statutory declaration.

No self‑incrimination

             (3)  An individual is not required to give information in accordance with a requirement covered by paragraph (1)(b) or (c) if the information might tend to incriminate the individual or expose the individual to a penalty.

Offence

             (4)  A person is guilty of an offence if:

                     (a)  the person is subject to a requirement covered by paragraph (1)(a), (b) or (c); and

                     (b)  the person intentionally or recklessly contravenes the requirement.

Penalty:  50 penalty units.

Note:          Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Regulations may confer discretionary powers on the Treasurer

             (5)  Regulations made for the purposes of this section may make provision for or in relation to a matter by conferring a power on the Treasurer. For example, the regulations could provide that the Treasurer may, by written notice given to a financial sector company, require the company to give the Treasurer, within the period and in the manner specified in the notice, specified information about an ownership matter relating to the company.

Definition

             (6)  For the purposes of this section, each of the following matters is an ownership matter :

                     (a)  whether a person holds a stake in a financial sector company and, if so, the percentage of that stake;

                     (b)  whether the directors of a financial sector company are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of a person (either alone or together with associates);

                     (c)  whether a person (either alone or together with associates) is in a position to exercise control over a financial sector company.

For this purpose, control has the same meaning as in section 22.