Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.2A.02

Purpose of Division

             (1)  For subsection 798K(1) of the Act, the purpose of this Division is to set out a scheme under which a person who is alleged to have contravened subsection 798H(1) of the Act may do one or more of the following as an alternative to civil proceedings:

                     (a)  pay a penalty to the Commonwealth;

                     (b)  undertake or institute remedial measures (including education programs);

                     (c)  accept sanctions other than the payment of a penalty to the Commonwealth (including public censure, suspension for no more than six months from performing certain financial services in relation to a licensed market, or disgorgement of profits);

                     (d)  enter into an undertaking under regulation 7.2A.01, including an undertaking to do an action mentioned in paragraph (a), (b) or (c).

             (2)  This Division does not require ASIC to give an infringement notice to a person in relation to the alleged contravention of subsection 798H(1) of the Act.

             (3)  This Division does not affect the liability of a person to civil proceedings if ASIC does not give an infringement notice to the person in relation to the alleged contravention of subsection 798H(1) of the Act.

             (4)  This Division does not affect the liability of a person to civil proceedings if:

                     (a)  ASIC gives an infringement notice to the person in relation to the alleged contravention of subsection 798H(1) of the Act; and

                     (b)  either:

                              (i)  the notice is withdrawn; or

                             (ii)  the person does not comply with the notice in accordance with regulation 7.2A.08.

             (5)  This Division does not limit or otherwise affect the penalty that a C ourt could impose on the person for a contravention of subsection 798H(1) of the Act.



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