Foreign Investment Reform (Protecting Australia's National Security) Act 2020 (114 of 2020)

Schedule 2   Compliance and enforcement

Part 1   Amendments

Foreign Acquisitions and Takeovers Act 1975

2   Section 83

Omit:

Generally, the penalty for bodies corporate is 5 times the amount for individuals (see section 4B of the Crimes Act 1914 and subsection 82(5) of the Regulatory Powers Act).

An officer of a corporation who authorises or permits the corporation to commit an offence or contravene a civil penalty provision may also commit an offence or contravene a civil penalty provision. Similarly, an officer of a corporation may contravene a civil penalty provision by failing to prevent a contravention of the civil penalty provision by the corporation.

Civil penalty orders may be sought and infringement notices issued under the Regulatory Powers Act.

substitute:

An officer of a corporation who authorises or permits the corporation to commit an offence or contravene a civil penalty provision may also commit an offence or contravene a civil penalty provision. Similarly, an officer of a corporation may contravene a civil penalty provision by failing to prevent a contravention of the civil penalty provision by the corporation.

The Regulatory Powers Act applies in relation to civil penalty orders, infringement notices, searches and enforceable undertakings under this Act. The Treasurer may give directions if the Treasurer has reason to believe that a person has engaged, or is engaging, in conduct that contravenes, or will contravene, this Act.