Treasury Laws Amendment (Financial Sector Regulation) Act 2018 (142 of 2018)

Schedule 1   Restrictions on shareholdings

Part 1   Amendments

Financial Sector (Shareholdings) Act 1998

41   At the end of Part 6

Add:

Division 2 - Civil penalties

43A Civil penalty provisions

Enforceable civil penalty provisions

(1) Each civil penalty provision of this Act is enforceable under Part 4 of the Regulatory Powers Act.

Note: Part 4 of the Regulatory Powers Act allows a civil penalty provision to be enforced by obtaining an order for a person to pay a pecuniary penalty for the contravention of the provision.

Authorised applicant

(2) For the purposes of Part 4 of the Regulatory Powers Act, each of the following persons is an authorised applicant in relation to the civil penalty provisions of this Act:

(a) the Treasurer;

(b) APRA.

Relevant court

(3) For the purposes of Part 4 of the Regulatory Powers Act, the Federal Court is a relevant court in relation to the civil penalty provisions of this Act.

Extension to external Territories etc.

(4) Part 4 of the Regulatory Powers Act, as it applies in relation to the civil penalty provisions of this Act, extends to:

(a) every external Territory; and

(b) acts, omissions, matters and things outside Australia.

Liability of Crown

(5) Part 4 of the Regulatory Powers Act, as that Part applies in relation to the civil penalty provisions of this Act, does not make the Crown liable to a pecuniary penalty.