Financial Accountability Regime (Consequential Amendments) Act 2023 (68 of 2023)

Schedule 1   Consequential amendments

Part 1   Amendments for the start of the financial accountability regime

Australian Securities and Investments Commission Act 2001

17   After subsection 127(6)

Insert:

(7) A person (the officer ) commits an offence if:

(a) the officer is or has been:

(i) a member of ASIC; or

(ii) a staff member; or

(iii) a Commonwealth officer within the meaning of the Crimes Act 1914; and

(b) the officer intentionally or recklessly, and directly or indirectly:

(i) discloses information to any person or to a court; or

(ii) produces a document to any person or to a court; and

(c) if subparagraph (b)(i) applies - the information is protected information disclosed to, or obtained by, ASIC for the purposes of a function (a FAR-related function ) conferred on ASIC by:

(i) the Financial Accountability Regime Act 2023; or

(ii) the Financial Accountability Regime (Consequential Amendments) Act 2023; and

(d) if subparagraph (b)(ii) applies - the document:

(i) is protected information and was given or produced to ASIC for the purposes of a FAR-related function; or

(ii) contains protected information disclosed to, or obtained by, ASIC for the purposes of a FAR-related function; and

(e) the officer acquired the information, or has or had access to the document, as the case may be, in the course of the officer's duties as a member of ASIC, a staff member or a Commonwealth officer within the meaning of the Crimes Act 1914.

Penalty: Imprisonment for 2 years.

(7A) Subsection (7) does not apply if the disclosure or production constitutes authorised disclosure of the protected information for the purposes of subsection (1).

Note: A defendant bears an evidential burden in relation to the matter in this subsection (see subsection 13.3(3) of the Criminal Code).

(8) A document is an exempt document for the purposes of section 38 of the Freedom of Information Act 1982 if the document:

(a) is protected information and was given or produced to ASIC; or

(b) contains protected information disclosed to, or obtained by, ASIC;

for the purposes of a function conferred on ASIC by:

(c) the Financial Accountability Regime Act 2023; or

(d) the Financial Accountability Regime (Consequential Amendments) Act 2023.