Trade Practices Amendment (Australian Consumer Law) Act (No. 1) 2010 (44 of 2010)

Schedule 3   Amendment of corporations legislation

Part 2   Pecuniary penalties

Australian Securities and Investments Commission Act 2001

12   At the end of section 12GI (after the note)

Add:

(5) If, in proceedings under section 12GBA against a person other than a body corporate, it appears to the Court that the person has, or may have:

(a) engaged in conduct in contravention of a provision referred to in paragraph (1)(a) of that section; or

(b) engaged in conduct referred to in paragraph (1)(b), (c), (d), (e) or (f) of that section that relates to a contravention of such a provision;

but that the person acted honestly and reasonably and, having regard to all the circumstances of the case, ought fairly to be excused, the Court may relieve the person either wholly or partly from liability to pay a pecuniary penalty under that section.