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Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018

 

No.      , 2018

 

(Treasury)

 

 

 

A Bill for an Act to amend the law in relation to penalties and other enforcement mechanisms within legislation administered by ASIC, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Amendment of the Corporations Act 2001                                3

Part 1—Amendments                                                                                                     3

Corporations Act 2001                                                                                                3

Part 2—Application and transitional provisions                                             89

Corporations Act 2001                                                                                              89

Schedule 2—Amendment of the Australian Securities and Investments Commission Act 2001                93

Part 1—Amendments                                                                                                   93

Australian Securities and Investments Commission Act 2001                           93

Part 2—Application and transitional provisions                                           123

Australian Securities and Investments Commission Act 2001                         123

Schedule 3—Amendment of the National Consumer Credit Protection Act 2009             125

Part 1—Amendments of the infrastructure provisions for civil penalties, offences and infringement notices                                                                                                                             125

National Consumer Credit Protection Act 2009                                                125

Part 2—Amendments of penalties under civil penalty provisions       155

National Consumer Credit Protection Act 2009                                                155

Part 3—Amendments of penalties under offences                                     156

National Consumer Credit Protection Act 2009                                                156

Part 4—Application and transitional provisions                                           160

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009      160

Schedule 4—Amendment of the Insurance Contracts Act 1984            162

Part 1—Amendments                                                                                                 162

Insurance Contracts Act 1984                                                                               162

Part 2—Application provisions                                                                             183

 

 



A Bill for an Act to amend the law in relation to penalties and other enforcement mechanisms within legislation administered by ASIC, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2018 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1, 2, 3 and 4

The day after this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.