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
Power to summon witnesses and take evidence
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Offence title: |
Power to summon witnesses and take evidence |
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Act: |
192 Australian Securities and Investments Commission Act |
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Offence: |
(1) A member may, by written summons in the prescribed form given to a person: (a) require the person to appear before the Panel at Panel proceedings to give evidence, to produce specified documents, or to do both; and (b) require the person to attend from day to day unless excused, or released from further attendance, by a member. (2) In Panel proceedings, the Panel may take evidence on oath or affirmation, and for that purpose a member may: (a) require a witness in the proceedings to either take an oath or make an affirmation; and (b) administer an oath or affirmation to a witness in the proceedings. (4) The member presiding at Panel proceedings: (a) may require a witness in the proceedings to answer a question put to the witness; and (b) may require a person appearing in the proceedings pursuant to a summons issued under this section to produce a document specified in the summons. (5) An offence under section 198 relating to subsection (1), (2) or (4) of this section is an offence of strict liability. |
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Penalty: |
30 penalty units. |
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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: |
s.192(7): People appearing before the Panel may have costs and expenses paid. s.198: A person must not fail to comply with a requirement made under subsection 192(1), (2) or (4). Penalty: 30 penalty units. |