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

2016-2017-2018-2019

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2019

 

No.      , 2019

 

 

 

 

 

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............................................................................................ 5

Schedule 1—Amendment of the Corporations Act 2001                                6

Part 1—Amendments                                                                                                     6

Corporations Act 2001                                                                                                6

Part 2—Application and transitional provisions                                             92

Corporations Act 2001                                                                                              92

Schedule 2—Amendment of the Australian Securities and Investments Commission Act 2001                96

Part 1—Amendments                                                                                                   96

Australian Securities and Investments Commission Act 2001                           96

Part 2—Application and transitional provisions                                           126

Australian Securities and Investments Commission Act 2001                         126

Schedule 3—Amendment of the National Consumer Credit Protection Act 2009             128

Part 1—Amendments of the infrastructure provisions for civil penalties, offences and infringement notices                                                                                                                             128

National Consumer Credit Protection Act 2009                                                128

Part 2—Amendments of penalties under civil penalty provisions       158

National Consumer Credit Protection Act 2009                                                158

Part 3—Amendments of penalties under offences                                     159

National Consumer Credit Protection Act 2009                                                159

Part 4—Application and transitional provisions                                           163

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009      163

Schedule 4—Amendment of the Insurance Contracts Act 1984            165

Part 1—Amendments                                                                                                 165

Insurance Contracts Act 1984                                                                               165

Part 2—Application provisions                                                                             186

Schedule 5—Contingent amendments                                                                    187

Part 1—Amendments contingent on the Corporations Amendment (Strengthening Protections for Employee Entitlements) Act 2019                                                    187

Corporations Act 2001                                                                                            187

Part 2—Amendments contingent on the National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Act 2019                               188

National Consumer Credit Protection Act 2009                                                188

Part 3—Amendments contingent on the commencement of Schedule 5 to the Treasury Laws Amendment (Banking Measures No. 1) Act 2018                                               190

Division 1—Amendments contingent on the commencement of Division 2 of Part 2 of Schedule 5 to the Treasury Laws Amendment (Banking Measures No. 1) Act 2018                      190

National Consumer Credit Protection Act 2009                                                190

Division 2—Amendments contingent on the commencement of Parts 3 and 4 of Schedule 5 to the Treasury Laws Amendment (Banking Measures No. 1) Act 2018                      191

National Consumer Credit Protection Act 2009                                                191

Part 4—Amendments contingent on the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019                               192

Division 1—Amendments contingent on Schedule 1 to the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019           192

Corporations Act 2001                                                                                            192

Division 2—Amendments contingent on Schedule 2 to the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019           194

Corporations Act 2001                                                                                            194

National Consumer Credit Protection Act 2009                                                194

Part 5—Amendments contingent on Schedule 6 to the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019                196

Corporations Act 2001                                                                                            196

Part 6—Amendments contingent on the commencement of the Federal Circuit and Family Court of Australia Act 2019                                                                                    197

Insurance Contracts Act 1984                                                                               197

 

 



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 2019 .

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.

 

3.  Schedule 5, Part 1

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of the Corporations Amendment (Strengthening Protections for Employee Entitlements) Act 2019 .

However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.

 

4.  Schedule 5, Part 2

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of items 1 to 11 of Schedule 1 to the National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Act 2019.

However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.

 

5.  Schedule 5, Part 3, Division 1

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of Division 2 of Part 2 of Schedule 5 to the Treasury Laws Amendment (Banking Measures No. 1) Act 2018.

However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.

 

6.  Schedule 5, Part 3, Division 2

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of Parts 3 and 4 of Schedule 5 to the Treasury Laws Amendment (Banking Measures No. 1) Act 2018.

However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.

 

7.  Schedule 5, Part 4, Division 1

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of Schedule 1 to the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 .

However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.

 

8.  Schedule 5, Part 4, Division 2

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of Schedule 2 to the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 .

However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.

 

9. Schedule 5, Part 5

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of Schedule 6 to the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019.

However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.

 

10. Schedule 5, Part 6

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of sections 3 to 249 of the Federal Circuit and Family Court of Australia Act 2019 .

However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.

 

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.