Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (17 of 2019)

Schedule 1   Amendment of the Corporations Act 2001

Part 1   Amendments

Corporations Act 2001

82   Section 922M

Repeal the section, substitute:

922M Failing to comply with obligation to notify ASIC

Failing to comply with obligation to notify ASIC

(1) A person contravenes this subsection if:

(a) the person is required to cause a notice to be lodged under a notice provision; and

(b) the person fails to cause the notice to be lodged in accordance with that provision.

Note: A notice must be lodged in accordance with section 922L in order to be lodged in accordance with a notice provision (see subsection (1) of the notice provision).

(2) However, subsection (1) does not apply if:

(a) the person fails to cause the notice to be lodged in accordance with section 922D; and

(b) the only reason the person fails to cause the notice to be lodged in accordance with that section is because the information referred to in paragraph 922F(1)(h), (l) or (m) is not included in the notice; and

(c) subsection 922F(3) provides that the notice does not need to include that information.

Note: In criminal proceedings, a defendant bears an evidential burden in relation to the matter in subsection (2) (see subsection 13.3(3) of the Criminal Code).

Fault-based offence

(3) A person commits an offence if the person contravenes subsection (1).

(4) Subsection 4K(2) of the Crimes Act 1914 does not apply to subsection (1) of this section.

Note: A person may commit an offence if the person knowingly gives false or misleading information (see section 1308 of this Act and section 137.1 of the Criminal Code).

Civil liability

(5) A person contravenes this subsection if the person contravenes subsection (1).

Note: This subsection is a civil penalty provision (see section 1317E).