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

Schedule 2   Amendment of the Australian Securities and Investments Commission Act 2001

Part 1   Amendments

Australian Securities and Investments Commission Act 2001

14   Subsection 12GI(5)

Repeal the subsection, substitute:

(5) If, in proceedings under section 12GBA or 12GBB against a person other than a body corporate, it appears to the Court that the person has, or may have, engaged in conduct in contravention of a civil penalty 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.