Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Treasury Legislation Amendment (Application of Criminal Code) ( No.1) Bill 2001
Schedule 2 Amendment of the Corporations Law

   

1  Subsection 601ED(2)

Repeal the subsection, substitute:

             (2)  A managed investment scheme does not have to be registered if all the issues of interests in the scheme that have been made would not have needed disclosure to investors under Part 6D.2 (see sections 706 and 708) if the scheme had been registered when the issues were made.

2  Subsection 601FC(1) (note)

Repeal the note.

3  Subsection 601FC(3)

Omit “section 232”, substitute “section 180, 181, 182, 183 or 184”.

4  At the end of section 601FC

Add:

             (5)  A responsible entity who contravenes subsection (1), and any person who is involved in a responsible entity’s contravention of that subsection, contravenes this subsection.

Note 1:       Section 79 defines involved .

Note 2:       Subsection (5) is a civil penalty provision (see section 1317E).

             (6)  A person must not intentionally or recklessly be involved in a responsible entity’s contravention of subsection (1).

             (7)  For the purposes of subsection (6), a person is taken to be reckless if:

                     (a)  the person is aware of a substantial risk that anything done or not done by the person will constitute a contravention of subsection (6); and

                     (b)  having regard to the circumstances known to the person, it is unjustifiable to take the risk.

             (8)  The question whether taking a risk is unjustifiable is one of fact.

5  Subsection 601FD(1) (note)

Repeal the note.

6  Subsection 601FD(2)

Omit “section 232”, substitute “section 180, 181, 182, 183 or 184”.

7  At the end of section 601FD

Add:

             (3)  A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.

Note 1:       Section 79 defines involved .

Note 2:       Subsection (3) is a civil penalty provision (see section 1317E).

             (4)  A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection (1).

             (5)  For the purposes of subsection (4), a person is taken to be reckless if:

                     (a)  the person is aware of a substantial risk that anything done or not done by the person will constitute a contravention of subsection (4); and

                     (b)  having regard to the circumstances known to the person, it is unjustifiable to take the risk.

             (6)  The question whether taking a risk is unjustifiable is one of fact.

8  Subsection 601FE(1) (note)

Repeal the note.

9  Subsection 601FE(2)

Omit “section 232”, substitute “section 180, 181, 182, 183 or 184”.

10  At the end of section 601FE

Add:

             (3)  A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.

Note 1:       Section 79 defines involved .

Note 2:       Subsection (3) is a civil penalty provision (see section 1317E).

             (4)  A person must not intentionally contravene, or be involved in a contravention of, subsection (1).

11  Section 601FG (note 1)

Omit “Note 1:”, substitute “Note:”.

12  Section 601FG (note 2)

Repeal the note.

13  At the end of section 601FG

Add:

             (2)  A responsible entity who contravenes subsection (1), and any person who is involved in a responsible entity’s contravention of that subsection, contravenes this subsection.

Note 1:       Section 79 defines involved .

Note 2:       Subsection (2) is a civil penalty provision (see section 1317E).

             (3)  A person must not intentionally be involved in a responsible entity’s contravention of subsection (1).

14  Subsection 601JD(1) (note)

Repeal the note.

15  At the end of section 601JD

Add:

             (3)  A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.

Note 1:       Section 79 defines involved .

Note 2:       Subsection (3) is a civil penalty provision (see section 1317E).

             (4)  A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection (1).

             (5)  For the purposes of subsection (4), a person is taken to be reckless if:

                     (a)  the person is aware of a substantial risk that anything done or not done by the person will constitute a contravention of subsection (4); and

                     (b)  having regard to the circumstances known to the person, it is unjustifiable to take the risk.

             (6)  The question whether taking a risk is unjustifiable is one of fact.

16  Paragraphs 1317E(1)(f) to (j) (inclusive)

Repeal the paragraphs, substitute:

                      (f)  subsection 601FC(5) (duties of responsible entity)

                     (g)  subsection 601FD(3) (duties of officers of responsible entity)

                     (h)  subsection 601FE(3) (duties of employees of responsible entity)

                      (i)  subsection 601FG(2) (acquisition of interest in scheme by responsible entity)

                      (j)  subsection 601JD(3) (duties of members)

17  Schedule 3 (entry relating to section 184)

Repeal the entry, substitute:

Section 184

Penalty: 2,000 penalty units or imprisonment for 5 years, or both.

18  Schedule 3 (after entry relating to subsection 601ED(5))

Insert:

Subsection 601FC(6)

Penalty: 2,000 penalty units or imprisonment for 5 years, or both.

Subsection 601FD(4)

Penalty: 2,000 penalty units or imprisonment for 5 years, or both.

Subsection 601FE(4)

Penalty: 2,000 penalty units or imprisonment for 5 years, or both.

19  Schedule 3 (after entry relating to subsection 601FF(2))

Insert:

Subsection 601FG(3)

Penalty: 2,000 penalty units or imprisonment for 5 years, or both.

Subsection 601JD(4)

Penalty: 2,0 00 penalty units or imprisonment for 5 years, or both.

20  Schedule 3 (entry relating to subsection 1317FA(1))

Repeal the entry.