Offences
- Carrying on business using “Limited”, “No Liability” or “Proprietary” in name
- Good faith, use of position and use of information—criminal offences
- Listed company—director to notify market operator of shareholdings etc.
- Disqualified person not to manage corporations
- Proxy vote if appointment specifies way to vote
- Public company must hold AGM
- Lodgment of annual reports with ASIC
- Lodgment of half-year reports with ASIC
- Officers to report to controller about corporation’s affairs
- Directors to help administrator
- Directors to help administrator
- Information about the company’s affairs
- Officers to help liquidator
- Liquidator’s rights to company’s books
- Director’s duty to prevent insolvent trading by company
- Offences by officers of certain companies
- Incurring of certain debts; fraudulent conduct
- When a managed investment scheme must be registered
- Prohibition on certain acquisitions of relevant interests in voting shares
- Continuous disclosure—listed disclosing entity bound by a disclosure requirement in market listing rules
- Need for an Australian financial services licence
- Providing financial services on behalf of a person who carries on a financial services business
- Effect of banning orders
- Financial services licensee to prepare and lodge annual profit and loss statement and balance sheet
- Market manipulation
- False trading and market rigging—creating a false or misleading appearance of active trading etc.
- False trading and market rigging—artificially maintaining etc. trading price
- Dissemination of information about illegal transactions
- False or misleading statements
- Inducing persons to deal
- Dishonest conduct
- Prohibited conduct by person in possession of inside information
- Registers
- Falsification of books
- False or misleading documents
- False information etc.
- Obstructing or hindering ASIC etc.
- Automatic disqualification—convictions, bankruptcy and foreign court orders etc
- Part 9.4 Divisions 2 Offences generally
When a managed investment scheme must be registered
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Offence title: |
When a managed investment scheme must be registered |
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Act: |
601ED Corporations Act |
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Offence: |
(1) Subject to ss. (2) and (2A), a managed investment scheme (MIS) must be registered under 601EB if: (a) It has more than 20 members; or (b) It was promoted by, or an associate of, a promoter of managed investment schemes; or (c) A determination has been made under ss. (3) and there are more than 20 members. (2) An MIS does not need to registered if all the issues of interests that have been made would not have required a PDS under Division 2 of Part 7.9 if the scheme were registered when the issues were made. (2A) A notified foreign passport fund does not have to be registered. (3) ASIC may determine a number of schemes are closely associated and require each to be registered if the combined number of members exceeds 20. ASIC must give a written notice to the operator of each scheme. (4) For this section, the numbers of members of a scheme is calculated, in the following way: (a) Joint holders of an interest count as a single member; and (b) A trustee holding is taken as the beneficiary, rather than the trustee, if: i. The trust beneficiary is presently entitled to a share of the trust or income of it; or ii. The beneficiary is individually, or together with others, in a position to control the trust. (5) A person must not operate an MIS unless it is registered in accordance with s. 601EB. [Registration of managed investment scheme and the multiple references therein] |
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Penalty: |
(5) 5 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: |
A promoter of a managed investment scheme fails to ensure compliance with the criteria in s. 601EB. |
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Important note: |
Defence: (6) An MIS is not being operated merely because: (a) They are an agent or employee of another person; or (b) They are winding up the scheme or remedying a defect that led to the scheme being registered.
(7) A person does not breach ss. (4)(b) because an interest in the scheme is held by 2 or more beneficiaries, if they prove they did not know, and had no respect to suspect, that was the case. [The evidential burden in ss. (7) is upon the defendant.] (8) A person contravenes this subsection if the person contravenes subsection (5). [This is a civil penalty provision – s. 1317E] |