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CORPORATIONS ACT 2001 - SECT 1317E

Declaration of contravention of a civil penalty provision

Declaration of contravention

             (1)  If a Court is satisfied that a person has contravened a civil penalty provision, the Court must make a declaration of contravention.

             (2)  The declaration 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, registered scheme or notified foreign passport fund to which the conduct related;

                      (f)  if the contravention is of subsection 1211B(1) or (2) (complying with the Passport Rules for this jurisdiction)--the passport fund in relation to which the obligation was imposed on the person;

                     (g)  if the contravention is of subsection 670A(4), 727(6), 728(4) or 1309(12) (misleading statements etc.)--the corporation, registered scheme or notified foreign passport fund to which the conduct related.

Meanings of civil penalty provision , corporation/scheme civil penalty provision and financial services civil penalty provision

             (3)  In this Act:

                     (a)  a provision specified in column 1 of the following table is a civil penalty provision ; and

                     (b)  a civil penalty provision categorised as a corporation/scheme provision in column 3 of the following table is a corporation/scheme civil penalty provision ; and

                     (c)  a civil penalty provision categorised as a financial services provision in column 3 of the following table is a financial services civil penalty provision ; and

                     (d)  a provision that is specified as having no categorisation in column 3 of the following table is neither a corporation/scheme civil penalty provision nor a financial services civil penalty provision .

 

Civil penalty provisions

Column 1

Provision

Column 2

Brief description of the provision

Column 3

Categorisation of the provision

subsections 180(1), 181(1) and (2), 182(1) and (2) and 183(1) and (2)

officers' duties

corporation/scheme

subsections 188(1) and (2)

responsibilities of secretaries etc. for corporate contraventions

corporation/scheme

subsection 209(2)

related parties rules

corporation/scheme

subsections 254L(2), 256D(3), 259F(2) and 260D(2)

share capital transactions

corporation/scheme

subsections 344(1) and (1A)

requirements for financial reports

corporation/scheme

subsection 458F(1)

obligation to declare and publish notice if company not eligible for temporary restructuring relief

corporation/scheme

subsection 588G(2)

insolvent trading

corporation/scheme

subsection 588GAB(2)

preventing creditor-defeating dispositions

corporation/scheme

subsection 588GAC(2)

procuring creditor-defeating dispositions

corporation/scheme

subsections 596AC(1), (2), (3) and (4)

avoiding employee entitlements

corporation/scheme

subsection 601ED(8)

obligation to be registered if operating certain managed investment schemes

corporation/scheme

subsection 601FC(5)

duties of responsible entity

corporation/scheme

subsection 601FD(3)

duties of officers of responsible entity

corporation/scheme

subsection 601FE(3)

duties of employees of responsible entity

corporation/scheme

subsection 601FG(2)

acquisition of interest in scheme by responsible entity

corporation/scheme

subsection 601JD(3)

duties of members

corporation/scheme

subsection 601UAA(2)

duties of officers of licensed trustee company

corporation/scheme

subsection 601UAB(2)

duties of employees of licensed trustee company

corporation/scheme

subsection 670A(4)

misstatements in, or omissions from, takeover and compulsory acquisition and buy-out documents

uncategorised

subsections 674A(2), 674A(3), 675A(2) and 675A(3)

continuous disclosure--knowledge, recklessness or negligence

financial services

subsection 727(6)

offering securities without a current disclosure document

uncategorised

subsection 728(4)

misstatement in, or omission from, disclosure document

uncategorised

subsection 791A(3)

need for an Australian market licence

uncategorised

subsection 792A(2)

general obligations of market licensees

uncategorised

subsection 792B(7)

market licensee to notify ASIC of certain matters

uncategorised

subsection 798H(1)

complying with market integrity rules

uncategorised

subsection 820A(3)

need for an Australian CS facility licence

uncategorised

subsection 821A(2)

general obligations of CS facility licensees

uncategorised

subsection 821B(6)

CS facility licensee to notify ASIC of certain matters

uncategorised

subsection 853F(3)

obligations on disqualified individuals

uncategorised

section 901E

complying with derivative transaction rules

uncategorised

section 903D

complying with derivative trade repository rules

uncategorised

subsection 904A(2)

general obligations of derivative trade repository licensees

uncategorised

subsection 904C(1A)

obligation to notify ASIC of inability to meet obligations under section 904A

uncategorised

subsection 905A(3)

need to hold a licence to operate a derivative trade repository

uncategorised

subsection 908CF(1)

complying with financial benchmark rules or compelled financial benchmark rules

uncategorised

subsections 908DA(1) and (2) and 908DB(1) and (2)

manipulating financial benchmarks

uncategorised

subsection 911A(5B)

need for an Australian financial services licence

uncategorised

subsection 911B(4)

providing financial services on behalf of a person who carries on a financial services business

uncategorised

subsection 912A(5A)

general obligations of a financial services licensee

uncategorised

subsection 912DAA(7)

failure by a financial services licensee to report to ASIC a reportable situation in relation to the licensee

uncategorised

subsection 912DAB(8)

failure by a financial services licensee to report to ASIC a reportable situation in relation to another financial services licensee, or to give a copy of the report to the other financial services licensee

uncategorised

subsection 912DAC(4)

failure by a financial services licensee to notify ASIC that the licensee has become, or ceased to be, a participant in a licensed market or a licensed CS facility

uncategorised

subsection 912EA(5)

failure by a financial services licensee to notify an affected client of a reportable situation

uncategorised

subsection 912EB(9)

failure by a financial services licensee to investigate a reportable situation, notify an affected client of the outcome of the investigation or compensate an affected client

uncategorised

subsection 920C(4)

need to comply with a banning order

uncategorised

subsection 922M(5)

need to comply with obligation to notify ASIC

uncategorised

subsection 941A(3)

obligation on financial services licensee to give a Financial Services Guide if financial service provided to person as a retail client

uncategorised

subsection 941B(4)

obligation on authorised representative to give a Financial Services Guide if financial service provided to person as a retail client

uncategorised

subsection 946A(4)

obligation to give client a Statement of Advice

uncategorised

subsection 948C(2)

obligation to give client a Cash Settlement Fact Sheet

uncategorised

subsection 952E(9)

giving a defective disclosure document or statement (whether or not known to be defective)

uncategorised

subsection 952H(3)

financial services licensee failing to ensure authorised representative gives disclosure documents or statements as required

uncategorised

subsections 961K(1) and (2)

financial services licensee responsible for breach of certain best interests duties

uncategorised

section 961L

financial services licensee to ensure compliance with certain best interests duties

uncategorised

subsection 961Q(1)

authorised representative responsible for breach of certain best interests duties

uncategorised

subsection 962G(4)

fee recipient must give client a fee disclosure statement

uncategorised

section 962P

charging ongoing fee after termination of ongoing fee arrangement

uncategorised

subsection 962R(4)

fee recipient must obtain consent to deduct ongoing fees from an account

uncategorised

subsection 962S(5)

fee recipient must obtain consent to arrange for deductions of ongoing fees from an account

uncategorised

subsection 962S(8)

fee recipient must not accept payment of ongoing fees resulting from a deduction from an account without consent

uncategorised

subsection 962U(3)

fee recipient to confirm receipt of variation or withdrawal of consent for deductions of ongoing fees

uncategorised

subsection 962V(3)

fee recipient to give written notice of cessation of consent to account provider

uncategorised

subsections 963E(1) and (2)

financial services licensee responsible for breach of ban on conflicted remuneration

financial services

section 963F

financial services licensee must ensure representatives do not accept conflicted remuneration

financial services

subsection 963G(1)

authorised representative must not accept conflicted remuneration

financial services

section 963J

employer must not pay employees conflicted remuneration

financial services

section 963K

financial product issuer or seller must not give conflicted remuneration to financial services licensee or representative

financial services

section 963P

person covered by section 963M must pay amount etc. in accordance with regulations

financial services

subsection 964A(1)

platform operator must not accept volume-based shelf-space fees

financial services

subsections 964D(1) and (2)

financial services licensee responsible for breach of asset-based fees on borrowed amounts

financial services

subsection 964E(1)

authorised representative must not charge asset-based fees on borrowed amounts

financial services

section 965

anti-avoidance of Part 7.7A provisions

financial services

subsection 981B(3)

obligation to pay money into an account

uncategorised

subsection 981C(2)

various matters relating to accounts maintained for the purposes of section 981B

uncategorised

subsection 981M(1)

complying with client money reporting rules

uncategorised

subsection 985E(1)

issuing or increasing limit of margin lending facility without having made assessment etc.

financial services

subsection 985H(1)

failure to assess a margin lending facility as unsuitable

financial services

subsection 985J(1)

failure to give assessment to retail client if requested before issue of facility or increase in limit

financial services

subsection 985J(2)

failure to give assessment to retail client if requested after issue of facility or increase in limit

financial services

subsection 985J(4)

demanding payment to give assessment to retail client

financial services

subsection 985K(1)

issuing or increasing limit of margin lending facility if unsuitable

financial services

section 985L

making issue of margin lending facility conditional on retail client agreeing to receive communications through agent

financial services

subsection 985M(1)

failure to notify of margin call where there is no agent

financial services

subsection 985M(2)

failure to notify of margin call where there is an agent

financial services

subsection 993D(4)

failure to pay loan money into an account as required

financial services

subsections 994B(2) and (9)

failure to make and make available target market determinations for financial products

financial services

subsection 994C(2)

failure to review target market determinations

financial services

subsection 994C(4)

engaging in retail product distribution conduct in relation to financial products before review of target market determinations

financial services

subsection 994C(5)

failure to inform regulated persons of obligations not to engage in retail product distribution conduct in relation to financial products before review of target market determinations

financial services

subsection 994C(7)

engaging in retail product distribution conduct in relation to financial products before review of target market determinations

financial services

section 994D

engaging in retail product distribution conduct where no target market determination

financial services

subsections 994E(1) and (3)

ensuring that retail product distribution conduct is consistent with target market determinations

financial services

subsections 994F(1) and (3)

failure to keep records

financial services

subsections 994F(4), (5) and (6)

failure to report complaints and other information

financial services

subsection 994F(8)

failure to comply with requirements of regulations

financial services

section 994G

failure to notify ASIC

financial services

subsection 994H(3)

failure to provide information to ASIC on request

financial services

subsections 994J(7) and (8)

failure to comply with stop order obligations

financial services

subsection 1012A(5)

obligation to give Product Disclosure Statement--personal advice recommending particular financial product

financial services

subsection 1012B(6)

obligation to give Product Disclosure Statement--situations related to issue of financial products

financial services

subsection 1012C(11)

obligation to give Product Disclosure Statement--offers related to sale of financial products

financial services

subsection 1017BA(4B)

trustee of regulated superannuation funds--obligation to make product dashboard publicly available

financial services

subsection 1017BB(5AA)

trustee of registrable superannuation entities--obligation to make information relating to investment of assets publicly available

financial services

subsection 1020A(5)

offers etc. relating to certain managed investment schemes not to be made in certain circumstances

financial services

subsection 1021E(8)

preparer of defective disclosure document or statement giving the document or statement (whether or not known to be defective)

financial services

subsection 1021G(3)

financial services licensee failing to ensure authorised representative gives etc. disclosure documents or statements as required

financial services

subsection 1023P(1)

engaging in conduct contrary to a product intervention order

financial services

subsection 1023P(2)

failure to notify retail clients

financial services

subsection 1023P(4)

failure to take reasonable steps to make others aware of product intervention order

financial services

section 1041A

market manipulation

financial services

subsection 1041B(1)

false trading and market rigging--creating a false or misleading appearance of active trading etc.

financial services

subsection 1041C(1)

false trading and market rigging--artificially maintaining etc. market price

financial services

section 1041D

dissemination of information about illegal transactions

financial services

subsections 1043A(1) and (2)

insider trading

financial services

section 1101AC

failure to comply with an enforceable code provision

financial services

a provision of a regulation made under section 1101AD that includes the words "civil penalty" and one or more amounts in penalty units at the foot of the provision

failure to comply with a civil penalty provision of a mandatory code of conduct

financial services

subsections 1211B(1) and (2)

contravening the Passport Rules

uncategorised

subsection 1272C(5)

requirement to have a director identification number

financial services

subsection 1272D(4)

requirement to apply for a director identification number

financial services

subsection 1272G(4)

applying for additional director identification numbers

financial services

subsection 1272H(2)

misrepresenting a director identification number

financial services

subsections 1308(4) and (5)

false or misleading documents

uncategorised

subsection 1309(12)

false information

uncategorised

subsection 1317AAE(1)

breach of confidentiality of identity of whistleblower

uncategorised

subsections 1317AC(1), (2) and (3)

victimisation or threatened victimisation of whistleblower

uncategorised

subclause 29(6) of Schedule 4

disclosure for proposed demutualisation

corporation/scheme

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

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

Note 3:       Section 908DD contains some matters relevant for making declarations of contravention for subsections 908DA(1) and (2) and 908DB(1) and (2) (about manipulating financial benchmarks).

Attempt and involvement in contravention treated in same way as actual contravention

             (4)  A person who:

                     (a)  attempts to contravene a civil penalty provision; or

                     (b)  is involved in a contravention of a civil penalty provision;

is taken to have contravened the provision.



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