Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (17 of 2019)

Schedule 1   Amendment of the Corporations Act 2001

Part 1   Amendments

Corporations Act 2001

12   Section 9

Insert:

Part 7.7A civil penalty provision means any of the following provisions:

(a) subsections 961K(1) and (2) (financial services licensee responsible for breach of certain best interests duties);

(b) section 961L (financial services licensee to ensure compliance with certain best interests duties);

(c) subsection 961Q(1) (authorised representative responsible for breach of certain best interests duties);

(d) section 962P (charging ongoing fee after termination of ongoing fee arrangement);

(e) subsection 962S(1) (fee recipient must give fee disclosure statement);

(f) subsections 963E(1) and (2) (financial services licensee must not accept conflicted remuneration);

(g) section 963F (financial services licensee must ensure representatives do not accept conflicted remuneration);

(h) subsection 963G(1) (authorised representative must not accept conflicted remuneration);

(i) section 963J (employer must not pay employees conflicted remuneration);

(j) section 963K (financial product issuer or seller must not give conflicted remuneration to financial services licensee or representative);

(k) subsection 964A(1) (platform operator must not accept volume-based shelf-space fees);

(l) subsections 964D(1) and (2) (financial services licensee must not charge asset-based fees on borrowed amounts);

(m) subsection 964E(1) (authorised representative must not charge asset-based fees on borrowed amounts);

(n) section 965 (anti-avoidance of Part 7.7A provisions).

payment period , in relation to an infringement notice issued under Part 9.4AB, has the meaning given by section 1317DAQ.

relinquishment order has the meaning given by subsection 1317GAB(1).

subject to an infringement notice under Part 9.4AB has a meaning given by section 1317DAN.