What does the Corporations Act 2001 regulate?
It regulates matters such as the formation and operation of companies (in conjunction with a constitution that may be adopted by a company), duties of officers, takeovers and fundraising.
What is a relinquishment order?
Relinquishment order. (1) A Court may order a person to pay the Commonwealth an amount equal to the benefit derived and detriment avoided because of a contravention of a civil penalty provision if a declaration of contravention by the person has been made under section 1317E. The order is a relinquishment order .
What is the maximum penalty under the Corporations Act 2001?
Under the current civil penalty regime, the current maximum civil penalty for a contravention is $200,000 for an individual and $1 million for a corporation.
What is general advice ASIC?
‘General advice’ is financial product advice that is prepared without considering a consumer’s personal circumstances such as their objectives, financial situation and needs.
Who does the ASIC apply to?
Companies or persons can apply to ASIC for relief from the: Corporations Act 2001 (Corporations Act) Superannuation Industry (Supervision) Act 1993. National Consumer Credit Protection Act 2009.
Who regulates the Corporations Act 2001?
ASIC
3.2 ASIC has general administration of the Corporations Act 2001, the principal legislation governing the affairs of companies in Australia.
What products does the Corporations Act regulate?
The regulatory framework covers a wide range of financial products including securities, derivatives, general and life insurance, superannuation, margin lending, carbon units, deposit accounts and means of payment facilities.
How much is a penalty unit under the Corporations Act?
The value of one penalty unit is prescribed in s 17 Crimes (Sentencing Procedure) Act and, currently, one penalty unit is equal to $110.
What are civil penalties?
A civil penalty is a non-criminal remedy for a party’s violations of laws or regulations. Civil penalties usually only include civil fines or other financial payments as a remedy for damages.
How much is one penalty unit Corporations Act?
Which of the following sections of the Corporations Act 2001 is a civil penalty provision?
CORPORATIONS ACT 2001 – SECT 1317E Declaration of contravention of a civil penalty provision.