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
Confidentiality
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Offence title: |
Confidentiality |
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Act: |
127 Australian Securities and Investments Commission Act |
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Offence: |
This section provides for a number of offences. ASIC has an obligation to keep information confidential unless specifically authorised to release it. ss. (4E) A person must not intentionally or recklessly fail to comply with a condition imposed under subsection (4D). The offence is committed if the Chairperson has authorised the release of particular information to a body corporate, on certain conditions, and the body corporate, officers, employees or agents, fails to comply with those conditions. ss. (4EA) If ASIC discloses confidential information to an approved disciplinary body, that body or a member of that body, must not disclose it to any other person and may only use the information to decide if a disciplinary proceeding should be commenced. ss. (4EB) If ASIC discloses confidential information to a prescribed body, the body or a member of that body, must not disclose it to any other person and may only use the information for the prescribed functions in relation to registered liquidators. ss. (4F) If information is disclosed to a body corporate under subsection (4B), the body corporate, or an officer, employee or agent of the body corporate, must not intentionally or recklessly disclose the information to a person who is not an officer, employee or agent of the body corporate; or use the information. |
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Penalty: |
ss. (4E), (4EA), (4EB), (4F) 2 years imprisonment. |
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Summary/Indictable/mixed: |
Mixed |
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Jurisdiction: |
Local, District or Supreme Court |
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How committed: |
An employee is aware of an investigation into a corporate they have shares in, as a consequence of receiving sensitive information they are placed in a conflict with their duties versus their personal financial position. The person fails to provide a written notice to ASIC and fails to remove themselves from their position. |
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Important note: |
Defence: ss. (4FA) Subsection (4F) does not apply to the extent that: (a) the person has the written consent of the Chairperson; or (b) the information is used for the purpose of monitoring compliance with, enforcing, or performing functions or exercising powers under: i. the Corporations Act; or ii. the business law of a State that is not in this jurisdiction; or iii. a foreign business law; or iv. the operating rules (if any), of the body corporate. The defendant bears the onus of proof. |