Offences
- Misleading or deceptive conduct
- False or misleading representations
- False or misleading representations in relation to financial products that involve interests in land
- Cash price to be stated in certain circumstances
- Offering rebates, gifts, prizes etc
- Certain misleading conduct in relation to financial services
- Bait advertising
- Referral selling
- Accepting payment without intending or being able to supply as ordered
- Pyramid selling of financial products
- Unsolicited credit cards and debit cards
- Assertion of right to payment for unsolicited financial services etc.
- Assertion of right to payment for unauthorised advertisements
- Power of Court to prohibit payment or transfer of money or other property
- Examination to take place in private
- Examinee’s lawyer may attend
- Record of examination
- Giving to other persons copies of record
- Copies given subject to conditions
- ASIC may inspect books without charge
- Notice to produce books about affairs of body corporate or registered scheme
- Notice to auditors concerning information and books
- Notice to registered liquidators concerning information and books
- Notice to produce books about financial products
- Notice to produce books about financial services
- Notice to produce documents in person’s possession
- ASIC may authorise persons to require production of books, giving of information etc.
- Powers where books produced or seized
- Powers where books not produced
- Power to require person to identify property of body corporate
- ASIC may give copy of book relating to registered scheme to another person
- ASIC may give information and books in relation to Chapter 5 bodies corporate
- Acquisitions and disposals of financial products
- Acquisitions and disposals of trust property by trustee companies
- Exercise of certain powers of ASIC in relation to financial products
- Exercise of certain powers of ASIC in relation to trust property acquired or disposed of by trustee company
- Disclosures to take place in private
- Lawyer of person making disclosure may attend
- ASIC may cause prosecution to be begun
- Who may be present when hearing takes place in private
- Power to summon witnesses and take evidence
- Contempt of ASIC
- Concealing books relevant to investigation
- Legal professional privilege
- Notification of interests to ASIC
- Confidentiality
- Power to summon witnesses and take evidence
- False evidence
- Contempt of Panel
- Hearings
- Hearings
- Contempt of Disciplinary Board
- Financial Reporting Council’s information gathering powers
- Offences committed partly in and partly out of the jurisdiction
- S.12GB Offences against Subdivision D (Unconscionable conduct and consumer protection in relation to financial services)
- S.12GBCG Civil proceedings after criminal proceedings
- S.12GC Enforcement and recovery of certain fines against Subdivision D (Unconscionable conduct and consumer protection in relation to financial services)
- S.12GI Defences (Unconscionable conduct and consumer protection in relation to financial services)
- 12GLB ASIC Act Punitive orders requiring adverse publicity (Unconscionable conduct and consumer protection in relation to financial services)
- Part 3B Australian Securities and Investments Commission
- ASIC 19 Notice requiring appearance for examination (and the procedure)
- s.68 Australian Securities and Investments Commission
- s.69 Australian Securities and Investments Commission
- s.91 Australian Securities and Investments Commission
- 223 Australian Securities and Investments Commission
- 258 Australian Securities and Investments Commission
223 Australian Securities and Investments Commission
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Act & Section |
223 Australian Securities and Investments Commission |
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Type |
Costs - Companies Auditors Disciplinary Board |
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Process |
ASIC Act - Hearings by Disciplinary Board |
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What |
Costs regime |
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Observations |
s.223 provides a regime for costs to be ordered. (1) Where the Panel holds a hearing in accordance with s. 1294(1) Corporations Act [Powers of Board in relation to auditors] relation to a person who is an auditor, and the Panel cancels or suspends the registration of the auditor or: i. Admonishes or reprimands them; ii. Or requires an undertaking to do or not do something; the Panel may require the person to pay, some or part of: (a) The costs of an incidental to the hearing; or (b) The costs of ASIC or APRA in relation to the hearing; or (c) Both the costs in (a) and (b). (2) Where the Panel holds a hearing and the Panel refuses to make the orders against the auditor, ASIC or APRA may be compelled to pay the costs of the auditor in the same scheme as (1).
(3) Where costs are ordered under (1) or (2) above, they may be recovered through the courts as a debt. (4) Where the Panel orders costs against the auditor of the hearing, ASIC or APRA may also recover the costs incidental to the hearing in court as a debt to the Commonwealth. (5) Where the Panel orders costs against ASIC or APRA of the hearing, the auditor may also recover the costs incidental to the hearing in court as a debt to the auditor.
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