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Offence title: |
Financial services licensee to prepare and lodge annual profit and loss statement and balance sheet
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Act: |
989B Corporations Act |
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Offence: |
(1) A financial services licensee must, in respect of each financial year, prepare a true and fair profit and loss statement and balance sheet in accordance with this Subdivision. Note: Failure to comply with this subsection is an offence: s.1311(1). (2) The licensee must lodge the statement and balance sheet with ASIC in accordance with this Subdivision. Note: Failure to comply with this subsection is an offence: s.1311(1). (3) The licensee must, with the statement and balance sheet, lodge an auditor’s report with ASIC containing the information and matters required by the regulations. Note: Failure to comply with this subsection is an offence: s.1311(1).
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Penalty: |
(1), (2) and (3) 5 years imprisonment per offence. |
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Summary/Indictable/mixed: |
Mixed |
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Jurisdiction: |
Local, District or Supreme Court |
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How committed: |
A financial services licensee fails to prepare true and accurate balance sheet and profit and loss statements as required. |