Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (135 of 2020)

Schedule 4   Caps on commissions

Australian Securities and Investments Commission Act 2001

7   After subsection 12GB(2)

Insert:

(2A) If:

(a) a person is convicted of 2 or more offences against subsection (1AA) constituted by contraventions of section 12DMC; and

(b) the contraventions appear to the Court to have been of the same nature or a substantially similar nature and to have occurred at or about the same time;

the Court must not, in respect of the offences, impose on the person fines that, in the aggregate, exceed the maximum fine that would be applicable in respect of one offence by that person against subsection (1AA).

(2B) Subsection (2) or (2A) applies whether or not the person is also convicted of an offence or offences constituted by, or relating to, another contravention or other contraventions of the provision in question that were of a different nature or occurred at a different time.