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 2   Application and transitional provisions

Australian Securities and Investments Commission Act 2001

51   In the appropriate position

Insert:

Part 27 - Application and transitional provisions relating to the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019

320 Definitions

In this Part:

amending Act means the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019.

commencement day means the day on which Schedule 2 to the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 commences.

321 Application - offences

Subject to this Part, the amendments made by Schedule 2 to the amending Act apply in relation to the commission of an offence if the conduct constituting the commission of the offence occurs wholly on or after the commencement day.

322 Application - civil penalty provisions

Subject to this Part, the amendments made by Schedule 2 to the amending Act apply in relation to the contravention of a civil penalty provision if the conduct constituting the contravention of the provision occurs wholly on or after the commencement day.

323 Application - infringement notices

(1) An infringement notice may be given on or after the commencement day under section 12GX of the Act, as inserted by item 17 of Schedule 2 to the amending Act, in relation to an alleged contravention of a provision whether the alleged contravention occurred before, on or after the commencement day.

(2) Despite the repeal of Subdivision GB of Division 2 of Part 2 of the Act by item 17 of Schedule 2 to the amending Act, the Act continues to apply in relation to notices given under that Subdivision before the commencement day as if that Subdivision and any regulations made under that Subdivision had not been repealed.