Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.2A - SUPERVISION OF FINANCIAL MARKETS  

Division 7.2A.2 - Infringement notices  

REGULATION 7.2A.02   PURPOSE OF DIVISION  

7.2A.02(1)   [ Scheme to provide alternatives to civil proceedings]  

For subsection 798K(1) of the Act, the purpose of this Division is to set out a scheme under which a person who is alleged to have contravened subsection 798H(1) of the Act may do one or more of the following as an alternative to civil proceedings:

(a) pay a penalty to the Commonwealth;

(b) undertake or institute remedial measures (including education programs);

(c) accept sanctions other than the payment of a penalty to the Commonwealth (including public censure, suspension for no more than six months from performing certain financial services in relation to a licensed market, or disgorgement of profits);

(d) enter into an undertaking under regulation 7.2A.01 , including an undertaking to do an action mentioned in paragraph (a), (b) or (c).

7.2A.02(2)   [ No requirement to give infringement notice]  

This Division does not require ASIC to give an infringement notice to a person in relation to the alleged contravention of subsection 798H(1) of the Act.

7.2A.02(3)   [ No affect on liability if no infringement notice]  

This Division does not affect the liability of a person to civil proceedings if ASIC does not give an infringement notice to the person in relation to the alleged contravention of subsection 798H(1) of the Act.

7.2A.02(4)   [ When no affect on liability if infringement notice]  

This Division does not affect the liability of a person to civil proceedings if:

(a) ASIC gives an infringement notice to the person in relation to the alleged contravention of subsection 798H(1) of the Act; and

(b) either:

(i) the notice is withdrawn; or

(ii) the person does not comply with the notice in accordance with regulation 7.2A.08 .

7.2A.02(5)   [ No limitation on penalties Court could impose]  

This Division does not limit or otherwise affect the penalty that a Court could impose on the person for a contravention of subsection 798H(1) of the Act.