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
Offering rebates, gifts, prizes etc
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Offence title: |
Offering rebates, gifts, prizes etc |
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Act: |
12DE Australian Securities and Investments Commission Act |
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Offence: |
(1) A person contravenes this subsection if: (a) the person offers any rebate, gift, prize or other free item; and (b) the person offers the rebate, gift, prize or other free item in trade or commerce, in connection with: i. the supply or possible supply of financial services; or ii. the promotion by any means of the supply or use of financial services; or iii. the sale or grant, or the possible sale or grant, of a financial product that consists of, or includes, an interest in land; or iv. the promotion by any means of a financial product that consists of, or includes, an interest in land; and (c) when the person so offers it, the person intends not to provide it, or not to provide it as offered. (2A) A person contravenes this subsection if: (a) the person offers any rebate, gift, prize or other free item; and (b) the person offers the rebate, gift, prize or other free item in trade or commerce, in connection with: i. the supply or possible supply of financial services; or ii. the promotion by any means of the supply or use of financial services; or iii. the sale or grant, or the possible sale or grant, of a financial product that consists of, or includes, an interest in land; or iv. the promotion by any means of a financial product that consists of, or includes, an interest in land; and (c) the person fails, within the time specified in the offer or (if no such time is specified) within a reasonable time after making the offer, to provide the rebate, gift, prize or other free item in accordance with the offer. |
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Penalty: |
2,000 penalty units |
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Summary/Indictable/mixed: |
Summary |
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Jurisdiction: |
Local Court |
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How committed: |
A salesperson promises a pre-loaded credit card if a funeral policy is signed up to, knowing that there is no pre-loaded credit card to be provided; or A salesperson promises a pre-loaded credit card if a funeral policy is signed up to, and fails within a specified or reasonable time, to deliver up the credit card. |
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Important note: |
The section provides for situational defences. Limitation period: 3 years |