Power to summon witnesses and take evidence

Offence title:

Power to summon witnesses and take evidence

Act:

192 Australian Securities and Investments Commission Act

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.

Penalty:

30 penalty units.

Summary/Indictable/mixed:

Mixed

Jurisdiction:

Local, District or Supreme Court

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.

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.