Commonwealth: Financial Services Reform (Consequential Provisions) Act 2001 (Cth)

Financial Services Reform (Consequential Provisions) Act 2001 Act No. 123 of 2001 as amended This compilation was prepared on 18 July 2005 [This Act was amended by Act No. 100 of 2005] Amendments from Act No. 100 of 2005 [Schedule 2 (item 14) amended item 57 of Schedule 1 [Schedule 2 (item 15) amended heading to item 126 of Schedule 1 Schedule 2 (items 14 and 15) commenced immediately after 11 March 2002] Prepared by the Office of Legislative Drafting and Publishing, Attorney‑General's Department, Canberra Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Amendments and repeals Administrative Decisions (Judicial Review) Act 1977 Administrative Review Tribunal (Consequential and Transitional Provisions) Act 2001 Australian Industry Development Corporation Act 1970 Australian Securities and Investments Commission Act 2001 Bankruptcy Act 1966 Commonwealth Serum Laboratories Act 1961 Corporations Act 2001 Corporations (Futures Organisations Levies) Act 2001 Corporations (Securities Exchanges Levies) Act 2001 Financial Transaction Reports Act 1988 Fringe Benefits Tax Assessment Act 1986 Income Tax Assessment Act 1936 Insurance Act 1973 Insurance (Agents and Brokers) Act 1984 Insurance Contracts Act 1984 Interactive Gambling Act 2001 Life Insurance Act 1995 Marine Insurance Act 1909 Payment Systems and Netting Act 1998 Retirement Savings Accounts Act 1997 Superannuation Guarantee (Administration) Act 1992 Superannuation Industry (Supervision) Act 1993 Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 Superannuation (Resolution of Complaints) Act 1993 Telstra Corporation Act 1991 Trade Practices Act 1974 Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001 Schedule 2—Amendments related to possible delayed commencement of Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 Retirement Savings Accounts Act 1997 Superannuation Industry (Supervision) Act 1993 An Act to repeal or amend certain Acts as a consequence of the enactment of the Financial Services Reform Act 2001, and for other purposes [Assented to 27 September 2001] The Parliament of Australia enacts: 1 Short title This Act may be cited as the Financial Services Reform (Consequential Provisions) Act 2001. 2 Commencement (1) In this section: FSR commencement means the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001. (2) Subject to this section, this Act commences on the day on which it receives the Royal Assent. (3) Items 223 and 224 of Schedule 1 commence on the day on which this Act receives the Royal Assent. (4) Items 219 to 222 of Schedule 1 are taken to have commenced immediately after the commencement of the Corporations Act 2001. However, a person does not commit an offence if the person would not have committed the offence had those items commenced on the day on which this Act receives the Royal Assent (rather than commencing on the commencement of the Corporations Act 2001). (5) Items 227 and 231 of Schedule 1 commence at the end of the period of 2 years starting on the FSR commencement. (6) Subject to subsections (7) to (17), the other items of Schedule 1 commence on the FSR commencement. (7) Subject to subsection (17), the commencement of items 2 to 5 of Schedule 1 is as follows: (a) if item 325 of Schedule 1 to the Administrative Review Tribunal (Consequential and Transitional Provisions) Act 2001 does not commence before the FSR commencement—items 2 to 5 of Schedule 1 to this Act commence on the later of: (i) the FSR commencement; and (ii) the day on which the Administrative Review Tribunal (Consequential and Transitional Provisions) Act 2001 receives the Royal Assent; (b) if item 325 of Schedule 1 to the Administrative Review Tribunal (Consequential and Transitional Provisions) Act 2001 does commence before the FSR commencement—items 2 to 5 of Schedule 1 to this Act do not ever commence. (8) Subject to subsection (17), items 250 to 256 of Schedule 1 commence on the later of: (a) the FSR commencement; and (b) the commencement of Part 1 of the Interactive Gambling Act 2001. (9) If item 33 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 commences before the FSR commencement, item 268 of Schedule 1 to this Act does not ever commence. (9A) If Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 do not commence before the FSR commencement, items 276 to 278, and 290 to 325C, of Schedule 1 to this Act do not ever commence. (10) If item 171 of Schedule 1 to the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001 commences before the FSR commencement, item 286 of Schedule 1 to this Act does not ever commence. (11) If item 55 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 commences before the FSR commencement, item 331 of Schedule 1 to this Act does not ever commence. (12) If item 57 of Schedule 1 to the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 commences before the FSR commencement, item 332 of Schedule 1 to this Act does not ever commence. (13) Subject to subsection (17), the commencement of items 342, 344 and 345 of Schedule 1 is as follows: (a) if the items to which subsection 2(2) of the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 applies do not commence before the FSR commencement—items 342, 344 and 345 of Schedule 1 to this Act commence on the later of: (i) the FSR commencement; and (ii) the day on which the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 receives the Royal Assent; (b) if the items to which that subsection applies commence before the FSR commencement—items 342, 344 and 345 of Schedule 1 to this Act do not ever commence. (14) Subject to subsection (17), the commencement of item 343 is as follows: (a) if the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 does not receive the Royal Assent before the FSR commencement—item 343 of Schedule 1 to this Act commences on the day on which that Act receives the Royal Assent; (b) if the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2001 receives the Royal Assent before the FSR commencement—item 343 of Schedule 1 to this Act does not ever commence. (15) Subject to subsection (17), item 365 of Schedule 1 commences on the later of: (a) the FSR commencement; and (b) the commencement of item 257 of Schedule 1 to the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001. (16) Subject to subsection (17), the commencement of item 366 of Schedule 1 is as follows: (a) if the day specified in subsection 2.2(2) of the Criminal Code does not occur before the FSR commencement—item 366 of Schedule 1 commences on the later of: (i) the FSR commencement; and (ii) the day on which the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001 receives the Royal Assent; (b) if the day so specified does occur before the FSR commencement—item 366 of Schedule 1 to this Act does not ever commence. (17) An item of a Schedule to this Act that would otherwise commence at the same time as: (a) an item of a Schedule to the Financial Services Reform Act 2001; or (b) an item of a Schedule to the Corporations (Repeals, Consequentials and Transitionals) Act 2001; is taken instead to commence immediately after the commencement of the item referred to in paragraph (a) or (b), if both the item of a Schedule to this Act and the item referred to in paragraph (a) or (b) affect the same Act. (18) The commencement of the items of Schedule 2, other than items 1, 2, 4, 5, 9 and 10, is as follows: (a) if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 do not commence before the FSR commencement, the items commence on the FSR commencement; (b) if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 commence before the FSR commencement, the items do not ever commence. (19) The commencement of items 1 and 2 of Schedule 2 is as follows: (a) if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 do not commence before the FSR commencement, the items commence on the later of: (i) the FSR commencement; and (ii) immediately after the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 receives the Royal Assent; (b) if Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 commence before the FSR commencement, the items do not ever commence. (20) The commencement of items 4 and 5 of Schedule 2 is as follows: (a) if item 3 of Schedule 2 to this Act commences under subsection (18), the items commence on the commencement of Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001; (b) if item 3 of Schedule 2 to this Act does not ever commence under subsection (18), the items do not ever commence. (21) The commencement of items 9 and 10 of Schedule 2 is as follows: (a) if item 8 of Schedule 2 to this Act commences under subsection (18), the items commence on the commencement of Parts 5 and 6 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001; (b) if item 8 of Schedule 2 to this Act does not ever commence under subsection (18), the items do not ever commence. 3 Schedule(s) Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. Schedule 1—Amendments and repeals Administrative Decisions (Judicial Review) Act 1977 1 After paragraph (h) of Schedule 1 Insert: (ha) decisions of the Minister under Division 1 of Part 7.4 of the Corporations Act 2001; (hb) decisions of the SEGC under Part 7.5 of the Corporations Act 2001; Administrative Review Tribunal (Consequential and Transitional Provisions) Act 2001 2 Before item 325 of Schedule 1 (heading) Repeal the heading. 3 Items 325 and 326 of Schedule 1 Repeal the items. 4 Before item 186 of Schedule 2 (heading) Repeal the heading. 5 Items 186 and 187 of Schedule 2 Repeal the items. Australian Industry Development Corporation Act 1970 6 Paragraph 34G(1)(b) Repeal the paragraph, substitute: (b) if the sale scheme body is a listed disclosing entity—the listing rules of a listing market in relation to the sale scheme body. 7 Subsections 34G(2) and (3) Repeal the subsections, substitute: (2) In this section: listed disclosing entity has the same meaning as it is given by section 9 of the Corporations Act 2001. listing market, in relation to a listed disclosing entity, has the same meaning as it is given by section 9 of the Corporations Act 2001. listing rules of a market has the same meaning as it is given by section 9 of the Corporations Act 2001. Australian Securities and Investments Commission Act 2001 8 At the end of Division 3 of Part 1 Add: 4A Application of the Criminal Code Chapter 2 of the Criminal Code applies to all offences against this Act. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. 9 Subsection 5(1) Insert: engage in conduct: (a) in Division 2 of Part 2—has the meaning given by subsection 12BA(2); and (b) in the other provisions of this Act—means do an act or omit to do an act. 11 Section 12AA Repeal the section. 12 Subsection 12AD(2) Repeal the subsection. 13 Subsection 12BA(1) (definition of corporation) Repeal the definition. 14 Subsection 12BA(1) (definition of foreign corporation) Repeal the definition. 15 Subsection 12BA(1) (definition of Territory) Repeal the definition. 16 Subsection 12BB(1) Omit "section 12CB and". 17 Subsections 12BB(1) and (2) Omit "corporation" (wherever occurring), substitute "person". 18 Paragraph 12BC(1)(c) Omit "acquired by a person within the meaning of subsection (2)", substitute "acquired for use in connection with a small business (see subsection (2))". 19 Subsection 12BC(2) Repeal the subsection, substitute: (2) For the purposes of subsection (1): small business means a business employing less than: (a) if the business is or includes the manufacture of goods—100 people; or (b) otherwise—20 people. 20 Subsection 12CA(1) Omit "corporation", substitute "person". 21 Subsection 12CB(1) Omit "corporation", substitute "person". 22 Subsection 12CB(2) Omit "corporation" (first occurring), substitute "person (the supplier)". 23 Paragraphs 12CB(2)(a), (b), (d) and (e) Omit "corporation" (wherever occurring), substitute "supplier". 24 Subsection 12CB(3) Omit "corporation" (wherever occurring), substitute "person". 25 Subsection 12CB(3) Omit "to a person", substitute "to another person". 26 Subsection 12CB(4) Omit "corporation has", substitute "person has". 27 Subsection 12CB(4) Omit "to a person", substitute "to another person". 28 At the end of Subdivision C of Division 2 of Part 2 Add: 12CC Unconscionable conduct in business transactions (1) A person must not, in trade or commerce, in connection with: (a) the supply or possible supply of financial services (see subsection (6)) to another person (other than a listed public company); or (b) the acquisition or possible acquisition of financial services (see subsection (7)) from another person (other than a listed public company); engage in conduct that is, in all the circumstances, unconscionable. (2) Without in any way limiting the matters to which the Court may have regard for the purpose of determining whether a person (the supplier) has contravened subsection (1) in connection with the supply or possible supply of financial services to another person (the service recipient), the Court may have regard to: (a) the relative strengths of the bargaining positions of the supplier and the service recipient; and (b) whether, as a result of conduct engaged in by the supplier, the service recipient was required to comply with conditions that were not reasonably necessary for the protection of the legitimate interests of the supplier; and (c) whether the service recipient was able to understand any documents relating to the supply or possible supply of the financial services; and (d) whether any undue influence or pressure was exerted on, or any unfair tactics were used against, the service recipient or a person acting on behalf of the service recipient by the supplier or a person acting on behalf of the supplier in relation to the supply or possible supply of the financial services; and (e) the amount for which, and the circumstances under which, the service recipient could have acquired identical or equivalent financial services from a person other than the supplier; and (f) the extent to which the supplier's conduct towards the service recipient was consistent with the supplier's conduct in similar transactions between the supplier and other like service recipients; and (g) if the person is a corporation—the requirements of any applicable industry code (see subsection (11)); and (h) the requirements of any other industry code (see subsection (11)), if the service recipient acted on the reasonable belief that the supplier would comply with that code; and (i) the extent to which the supplier unreasonably failed to disclose to the service recipient: (i) any intended conduct of the supplier that might affect the interests of the service recipient; and (ii) any risks to the service recipient arising from the supplier's intended conduct (being risks that the supplier should have foreseen would not be apparent to the service recipient); and (j) the extent to which the supplier was willing to negotiate the terms and conditions of any contract for supply of the financial services with the service recipient; and (k) the extent to which the supplier and the service recipient acted in good faith. (3) Without in any way limiting the matters to which the Court may have regard for the purpose of determining whether a person (the acquirer) has contravened subsection (1) in connection with the acquisition or possible acquisition of financial services from a person (the business supplier), the Court may have regard to: (a) the relative strengths of the bargaining positions of the acquirer and the business supplier; and (b) whether, as a result of conduct engaged in by the acquirer, the business supplier was required to comply with conditions that were not reasonably necessary for the protection of the legitimate interests of the acquirer; and (c) whether the business supplier was able to understand any documents relating to the acquisition or possible acquisition of the financial services; and (d) whether any undue influence or pressure was exerted on, or any unfair tactics were used against, the business supplier or a person acting on behalf of the business supplier by the acquirer or a person acting on behalf of the acquirer in relation to the acquisition or possible acquisition of the financial services; and (e) the amount for which, and the circumstances in which, the business supplier could have supplied identical or equivalent financial services to a person other than the acquirer; and (f) the extent to which the acquirer's conduct towards the business supplier was consistent with the acquirer's conduct in similar transactions between the acquirer and other like business suppliers; and (g) if the person is a corporation—the requirements of any applicable industry code (see subsection (11)); and (h) the requirements of any other industry code (see subsection (11)), if the business supplier acted on the reasonable belief that the acquirer would comply with that code; and (i) the extent to which the acquirer unreasonably failed to disclose to the business supplier: (i) any intended conduct of the acquirer that might affect the interests of the business supplier; and (ii) any risks to the business supplier arising from the acquirer's intended conduct (being risks that the acquirer should have foreseen would not be apparent to the business supplier); and (j) the extent to which the acquirer was willing to negotiate the terms and conditions of any contract for the acquisition of the financial services with the business supplier; and (k) the extent to which the acquirer and the business supplier acted in good faith. (4) A person is not taken for the purposes of this section to engage in unconscionable conduct in connection with: (a) the supply or possible supply of financial services to another person; or (b) the acquisition or possible acquisition of financial services from another person; merely because the person institutes legal proceedings in relation to that supply, possible supply, acquisition or possible acquisition or refers a dispute or claim in relation to that supply, possible supply, acquisition or possible acquisition to arbitration. (5) For the purpose of determining whether a person has contravened subsection (1) in connection with the supply, possible supply, acquisition, or possible acquisition of financial products: (a) the Court must not have regard to any circumstances that were not reasonably foreseeable at the time of the alleged contravention; and (b) the Court may have regard to circumstances existing before the commencement of this section but not to conduct engaged in before that commencement. (6) Subject to subsection (8), a reference in this section to the supply or possible supply of financial services is a reference to the supply or possible supply of financial services to a person whose acquisition or possible acquisition of the financial services is or would be for the purpose of trade or commerce. (7) Subject to subsection (9), a reference in this section to the acquisition or possible acquisition of financial services is a reference to the acquisition or possible acquisition of financial services by a person whose acquisition or possible acquisition of the financial services is or would be for the purpose of trade or commerce. (8) A reference in this section to the supply or possible supply of financial services does not include a reference to the supply or possible supply of financial services at a price in excess of $3,000,000, or such higher amount as is prescribed. (9) A reference in this section to the acquisition or possible acquisition of financial services does not include a reference to the acquisition or possible acquisition of financial services at a price in excess of $3,000,000, or such higher amount as is prescribed. (10) For the purposes of subsections (8) and (9): (a) subject to paragraphs (b), (c), (d) and (e), the price for: (i) the supply or possible supply of financial services to a person; or (ii) the acquisition or possible acquisition of financial services by a person; is taken to be the amount paid or payable by the person for the financial services; and (b) if a person: (i) was supplied financial services pursuant to a purchase; or (ii) acquired financial services by way of purchase; together with other property or services, or with both other property and services, and a specified price was not allocated to the services in the contract under which they were purchased, the price of the services is taken to have been: (iii) the price at which, at the time of the supply or acquisition, the person could have purchased the services from the supplier without the other property or services; or (iv) if, at the time of the purchase, the services were only available for purchase together with the other property or services but, at that time, services of the kind purchased were available for purchase from another supplier without other property or services—the lowest price at which the person could, at that time, reasonably have purchased services of that kind from another supplier; or (v) if, at the time of the purchase, services of the kind purchased were not available for purchase from any supplier except together with other property or services—the value of the services at that time; and (c) if a person is supplied with financial services otherwise than pursuant to a purchase, the price of the services is taken to have been: (i) the price at which, at the time of the supply, the person could have purchased the services from the supplier; or (ii) if, at the time of the supply, the services were not available for purchase from the supplier, or were available only together with other property or services, but, at that time, services of the kind supplied were available for purchase from another supplier—the lowest price at which the person could, at that time, reasonably have purchased services of that kind from another supplier; or (iii) if services of the kind supplied were not available, at the time of the supply, for purchase from any supplier, or were not available except together with other property or services—the value of the services at that time; and (d) without limiting by implication the meaning of the expression services in subsection 12BA(1): (i) the obtaining of credit by a person in connection with the supply of financial services to the person is taken to be the acquisition by the person of a service; and (ii) any amount by which the amount paid or payable by the person for the services is increased by reason of the person's so obtaining credit is taken to be paid or payable by the person for that service; and (e) the price for the supply or possible supply, or the acquisition or possible acquisition, of services comprising or including a loan or loan facility is taken to include the capital value of the loan or loan facility. (11) In this section: applicable industry code, in relation to a corporation, has the same meaning as it has in subsection 51ACA(1) of the Trade Practices Act 1974. industry code has the same meaning as it has in subsection 51ACA(1) of the Trade Practices Act 1974. listed public company has the same meaning as it has in the Income Tax Assessment Act 1997. 29 Subsection 12DA(1) Omit "corporation", substitute "person". 30 Subsection 12DB(1) Omit "corporation" (wherever occurring), substitute "person". 31 At the end of subsection 12DB(1) Add: Note: Failure to comply with this subsection is an offence (see section 12GB). 32 At the end of section 12DB Add: (3) An offence under subsection 12GB(1) relating to subsection (1) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 33 Subsections 12DC(1) and (2) Repeal the subsections, substitute: (1) A person must not, in trade or commerce, in connection with the sale or grant, or the possible sale or grant, of a financial product that consists of, or includes, an interest in land, or in connection with the promotion by any means of a financial product that consists of, or includes, an interest in land: (a) represent that the person has a sponsorship, approval or affiliation it does not have; or (b) make a false or misleading representation concerning the nature of the interest in the land, the price payable for the financial product, the location of the land, the characteristics of the land, the use to which the land is capable of being put or may lawfully be put or the existence or availability of facilities associated with the land. Note: Failure to comply with this subsection is an offence (see section 12GB). (1A) An offence under subsection 12GB(1) relating to subsection (1) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. (2) A person contravenes this subsection if: (a) the person offers gifts, prizes or other free items; and (b) the person offers the gifts, prizes or other free items, in trade or commerce, in connection with the sale or grant, or the possible sale or grant, of a financial product, mentioned in subsection (1), or in connection with the promotion by any means of the sale or grant of such a financial product; and (c) when the person so offers the gifts, prizes or other free items the person intends not to provide them, or not to provide them as offered. Note: Failure to comply with this subsection is an offence (see section 12GB). (2A) A person contravenes this subsection if: (a) a person uses physical force or undue harassment or coercion; and (b) the person uses such force, harassment or coercion in connection with the sale or grant, or the possible sale or grant, of a financial product mentioned in subsection (1), or the payment for such a financial product. Note: Failure to comply with this subsection is an offence (see section 12GB). (2B) For the purposes of the application of the Criminal Code in relation to an offence under subsection 12GB(1) relating to subsection (2) of this section, paragraphs (2)(b) and (c) of this section are taken to be circumstances in which the conduct described in paragraph (2)(a) of this section occurs. (2C) For the purposes of the application of the Criminal Code in relation to an offence under subsection 12GB(1), strict liability applies to paragraphs (2)(b) and (2A)(b) of this section. Note: For strict liability, see section 6.1 of the Criminal Code. (2D) Nothing in this section is to be taken as implying that other provisions in this Subdivision do not apply in relation to the supply or acquisition, or the possible supply or acquisition, of a financial product mentioned in subsection (1). 34 Subsection 12DD(1) Omit "corporation" (wherever occurring), substitute "person". 35 At the end of subsection 12DD(1) Add: Note: Failure to comply with this subsection is an offence (see section 12GB). 36 At the end of section 12DD Add: (3) An offence under subsection 12GB(1) relating to subsection (1) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 37 Section 12DE Repeal the section, substitute: 12DE Offering gifts and prizes (1) A person contravenes this subsection if: (a) the person offers gifts, prizes or other free items; and (b) the person offers the gifts, prizes or other free items in trade or commerce, in connection with the supply or possible supply of financial services, or in connection with the promotion by any means of the supply or use of financial services; and (c) when the person so offers them, the person intends not to provide them, or not to provide them as offered. Note: Failure to comply with this subsection is an offence (see section 12GB). (2) For the purposes of the application of the Criminal Code in relation to subsection (1), paragraphs (1)(b) and (c) are taken to be circumstances in which the conduct described in paragraph (1)(a) occurs. (3) For the purposes of the application of the Criminal Code in relation to an offence under subsection 12GB(1), strict liability applies in relation to paragraph (1)(b) of this section. Note: For strict liability, see section 6.1 of the Criminal Code. 38 Section 12DF Omit "corporation", substitute "person". 39 At the end of section 12DF Add: Note: Failure to comply with this subsection is an offence (see section 12GB). (2) An offence under subsection 12GB(1) relating to subsection (1) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 40 Section 12DG Omit "corporation" (wherever occurring), substitute "person". 41 At the end of subsection 12DG(1) Add: Note: Failure to comply with this subsection is an offence (see section 12GB). 42 At the end of subsection 12DG(2) Add: Note: Failure to comply with this subsection is an offence (see section 12GB). 43 After subsection 12DG(2) Insert: (2A) An offence under subsection 12GB(1) relating to subsection (1) or (2) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 44 Subsection 12DG(3) Omit "another person" (wherever occurring), substitute "an alternative supplier". 45 At the end of subsection 12DG(3) Add: Note: A defendant bears a legal burden in relation to the matters in subsection (3), see section 13.4 of the Criminal Code. 46 Section 12DH Omit "corporation" (wherever occurring), substitute "person". 47 At the end of section 12DH Add: Note: Failure to comply with this subsection is an offence (see section 12GB). (2) An offence under subsection 12GB(1) relating to subsection (1) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 48 Section 12DI Repeal the section, substitute: 12DI Accepting payment without intending or being able to supply as ordered (1) A person contravenes this subsection if: (a) the person, in trade or commerce, accepts payment or other consideration for financial services; and (b) at the time of acceptance, the person intends: (i) not to supply the financial services; or (ii) to supply financial services materially different from the financial services in respect of which the payment or other consideration is accepted. Note: Failure to comply with this subsection is an offence (see section 12GB). (2) For the purposes of the application of the Criminal Code in relation to an offence under subsection 12GB(1), strict liability applies to paragraph (1)(a) of this section. Note: For strict liability, see section 6.1 of the Criminal Code. (3) A person contravenes this subsection if: (a) the person, in trade or commerce, accepts payment or other consideration for financial services; and (b) at the time of acceptance, there are reasonable grounds for believing that the person will not be able to supply the financial services within the period specified by the person or, if no period is specified, within a reasonable time. Note: Failure to comply with this subsection is an offence (see section 12GB). (4) An offence under subsection 12GB(1) relating to subsection (3) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 49 Section 12DJ Repeal the section, substitute: 12DJ Harassment and coercion (1) A person contravenes this subsection if: (a) the person uses physical force or undue harassment or coercion; and (b) the person uses such force, harassment or coercion in connection with the supply or possible supply of financial services to a consumer, or the payment for financial services by a consumer. Note: Failure to comply with this subsection is an offence (see section 12GB). (2) Strict liability applies to paragraph (1)(b). Note: For strict liability, see section 6.1 of the Criminal Code. 50 Subsections 12DK(1) and (2) Omit "corporation" (wherever occurring), substitute "person". 51 Paragraph 12DK(1)(b) Omit "a person who", substitute "another person (the targeted person), who". 52 Paragraph 12DK(1)(c) Omit "the person", substitute "the targeted person". 53 At the end of subsection 12DK(1) Add: Note: Failure to comply with this subsection is an offence (see section 12GB). 54 Paragraph 12DK(2)(b) Omit "any person", substitute "another person (the targeted person)". 55 Paragraph 12DK(2)(b) Omit "himself or herself", substitute "the targeted person". 56 Paragraph 12DK(2)(b) Omit "that person", substitute "the targeted person". 57 Subparagraphs 12DK(2)(b)(i) and (ii) Omit "he or she", substitute "the targeted person". 58 At the end of subsection 12DK(2) Add: Note: Failure to comply with this subsection is an offence (see section 12GB). 59 Subsection 12DK(3) Omit "corporation" (first occurring), substitute "person (the promoter)". 60 Subsection 12DK(3) Omit "corporation promotes", substitute "promoter promotes". 61 Paragraph 12DK(3)(a) Omit "by a person", substitute "by another person (the targeted person)". 62 Paragraph 12DK(3)(a) Omit "corporation or another", substitute "promoter or another". 63 Paragraph 12DK(3)(a) Omit "of another person", substitute "of any person other than the targeted person". 64 Paragraph 12DK(3)(b) Omit "the person who makes or is to make the payment", substitute "the targeted person". 65 At the end of subsection 12DK(3) Add: Note: Failure to comply with this subsection is an offence (see section 12GB). 66 After subsection 12DK(3) Insert: (3A) An offence under subsection 12GB(1) relating to subsection (1), (2) or (3) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 67 Subsection 12DL(1) Repeal the subsection, substitute: (1) A person must not send another person (the targeted person) a credit card or a debit card except in accordance with subsection (2). Note: Failure to comply with this subsection is an offence (see section 12GB). Note: The heading to section 12DL is altered by inserting "credit cards and" after "Unsolicited". 70 Subsection 12DL(2) Omit "A corporation may send the person", substitute "A person may send the targeted person". 71 Paragraph 12DL(2)(a) Omit "the person who will", substitute "the person (the liable person) who will". 72 Paragraph 12DL(2)(a) Omit "the person who issued", substitute "the issuer of". 73 Subparagraph 12DL(2)(b)(i) Omit "first‑mentioned person", substitute "targeted person". 74 Subparagraph 12DL(2)(b)(i) Omit "person who was under a liability", substitute "liable person". 75 Subparagraph 12DL(2)(b)(i) Omit "person who issued the card previously so sent in respect of the use of that card", substitute "issuer of the previous card". 76 Subparagraph 12DL(2)(b)(ii) Omit "first‑mentioned", substitute "targeted". 77 At the end of subsection 12DL(2) Add: Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code. 78 Subsection 12DL(3) Omit "the person who issued the card", substitute "the issuer of the card". 79 Subsection 12DL(4) Repeal the subsection, substitute: (4) A person must not take any action that enables: (a) another person who has a credit card to use the card as a debit card; or (b) another person who has a debit card to use the card as a credit card; except in accordance with a request in writing by the other person. Note: Failure to comply with this subsection is an offence (see section 12GB). 83 After subsection 12DL(4) Insert: (4A) An offence under subsection 12GB(1) relating to subsection (1) or (4) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 83A Subsection 12DL(5) (definition of credit card) Repeal the definition, substitute: credit card means an article that: (a) is of a kind described in one or more of the following subparagraphs: (i) an article of a kind commonly known as a credit card; (ii) a similar article intended for use in obtaining cash, goods or services on credit; (iii) an article of a kind that persons carrying on business commonly issue to their customers or prospective customers for use in obtaining goods or services from those persons on credit; and (b) is part of, or provides access to, a credit facility that is a financial product; or an article that may be used as an article referred to in paragraphs (a) and (b). 83B Subsection 12DL(5) (definition of debit card) Repeal the definition, substitute: debit card means: (a) an article intended for use by a person in obtaining access to an account that is: (i) held by the person for the purpose of withdrawing or depositing cash or obtaining goods or services; and (ii) a financial product; or (b) an article that may be used as an article referred to in paragraph (a). 84 Subsection 12DM(1) Omit "corporation" (first occurring), substitute "person". 85 Subsection 12DM(1) Omit "a person for", substitute "another person for". 86 Subsection 12DM(1) Omit "unless the corporation has reasonable cause to believe that there is a right to payment". 87 At the end of subsection 12DM(1) Add: Note: Failure to comply with this subsection is an offence (see section 12GB). 88 After subsection 12DM(1) Insert: (1A) Subsection (1) does not apply if the person had reasonable cause to believe that there was a right to payment. Note: A defendant bears an evidential burden in relation to the matter in subsection (1A), see subsection 13.3(3) of the Criminal Code. (1B) An offence under subsection 12GB(1) relating to subsection (1) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 89 Subsection 12DM(2) Omit "corporation" (wherever occurring), substitute "person". 90 Subsection 12DM(2) Omit "from a person", substitute "from another person". 91 Paragraph 12DM(2)(c) Omit "the person", substitute "the other person". 92 Subsections 12DM(3) and (4) Omit "corporation", (wherever occurring) substitute "person". 93 Subsection 12DN(1) Omit "securities" (wherever occurring), substitute "financial products". 94 Section 12EA Omit "corporation" (wherever occurring), substitute "person". 95 Subsection 12EB(1) Omit "corporation", substitute "person". 96 Subsection 12EC(1) Omit "corporation" (first occurring), substitute "person (the supplier)". 97 Subsection 12EC(1) Omit "corporation" (second occurring), substitute "supplier". 98 Subsection 12EC(2) Omit "corporation", substitute "supplier". 99 Paragraph 12EC(3)(a) Omit "corporation", substitute "supplier". 100 Subsections 12ED(1) and (2) Omit "corporation" (wherever occurring), substitute "person". 101 Subsection 12ED(2) Omit "corporation's", substitute "person's". 102 Paragraph 12GB(1)(f) Omit "400 penalty units", substitute "2,000 penalty units". 103 Paragraph 12GB(1)(g) Omit "2,000 penalty units", substitute "10,000 penalty units". 104 After subsection 12GB(1) Insert: (1A) Subsections 11.2(2) to (5) (inclusive) of the Criminal Code apply in relation to paragraph (1)(b) of this section in the same way that they apply in relation to subsection 11.2(1) of the Criminal Code. (1B) Subsections 11.5(2) to (5) (inclusive) of the Criminal Code apply in relation to paragraph (1)(e) of this section in the same way that they apply in relation to the offence of conspiracy under subsection 11.5(1) of the Criminal Code. 105 Paragraph 12GB(4)(b) Omit "section 12GE", substitute "section 12GLA (non‑punitive orders)". 106 At the end of subsection 12GB(4) Add: ; or (c) make an order under section 12GLB (punitive orders requiring adverse publicity) in relation to the contravention. 107 Subsection 12GB(5) Omit "Sections 5, 7 and 7A of the Crimes Act 1914", substitute "Sections 11.1, 11.2, 11.3, and 11.4 of the Criminal Code and section 11.6 of the Criminal Code to the extent that it applies in relation to those sections,". 108 After section 12GC Insert: 12GCA Preference must be given to compensation for victims If: (a) the Court considers that it is appropriate to impose a fine under section 12GB in respect of a contravention, or an involvement in a contravention, of this Division; and (b) it is appropriate to order the defendant to pay compensation to a person who has suffered loss or damage in respect of the contravention or the involvement; and (c) the defendant does not have sufficient financial resources to pay both the pecuniary penalty or fine and the compensation; the Court must give preference to making an order for compensation. 109 Section 12GE Repeal the section. 110 Subsection 12GF(1) After "provision of", insert "Subdivision C (sections 12CA to 12CC) or". 111 Subsection 12GF(2) Omit all the words after "within", substitute "6 years after the day on which the cause of action that relates to the conduct accrued.". 112 Section 12GG Omit "or 12GE", substitute ", 12GLA or 12GLB". 113 At the end of section 12GH Add: (6) Part 2.5 of the Criminal Code does not apply in relation to an offence against a provision of this Subdivision. 114 At the end of subsection 12GI(1) Add: Note: A defendant bears a legal burden in relation to the matters in subsection (1) (see section 13.4 of the Criminal Code). 115 After subsection 12GI(1) Insert: (1A) Paragraph (1)(a) is to be interpreted as having the same effect in relation to a contravention of a provision of this Subdivision as section 9.2 of the Criminal Code has in relation to offences of strict liability. 116 At the end of subsection 12GI(4) Add: Note: A defendant bears a legal burden in relation to the matters in subsection (4) (see section 13.4 of the Criminal Code). 116A Subsection 12GJ(2) Repeal the subsection, substitute: (2) With respect to any matter: (a) arising under this Division; or (b) arising under Part 3 in its application in relation to an investigation of a contravention of this Division; in respect of which a civil proceeding is instituted under this Subdivision or under Part 3 as so applying: (c) the several courts of the States are invested with federal jurisdiction within the limits of their several jurisdictions, whether those limits are as to locality, subject‑matter or otherwise; and (d) subject to the Constitution, jurisdiction is conferred on the several courts of the Territories. 116B Paragraph 12GK(1)(a) Omit "other than the Minister or ASIC". 116C Paragraph 12GK(1)(b) Repeal the paragraph, substitute: (b) a matter for determination in the proceeding arose under: (i) this Division; or (ii) Part 3 in its application in relation to an investigation of a contravention of this Division; 116D Paragraph 12GK(4)(b) Repeal the paragraph, substitute: (b) a matter for determination in the proceeding arose under: (i) this Division; or (ii) Part 3 in its application in relation to an investigation of a contravention of this Division; 116E Paragraph 12GK(5)(b) Repeal the paragraph, substitute: (b) a matter for determination in the proceeding arose under: (i) this Division; or (ii) Part 3 in its application in relation to an investigation of a contravention of this Division; 117 After section 12GL Insert: 12GLA Non‑punitive orders (1) The Court may, on application by ASIC, make one or more of the orders mentioned in subsection (2) in relation to a person who has engaged in contravening conduct. (2) The orders that the Court may make in relation to the person are: (a) a community service order; and (b) a probation order for a period of no longer than 3 years; and (c) an order requiring the person to disclose, in the way and to the persons specified in the order, such information as is so specified, being information that the person has possession of or access to; and (d) an order requiring the person to publish, at the person's expense and in the way specified in the order, an advertisement in the terms specified in, or determined in accordance with, the order. (3) This section does not limit the Court's powers under any other provision of this Act. (4) In this section: community service order, in relation to a person who has engaged in contravening conduct, means an order directing the person to perform a service that: (a) is specified in the order; and (b) relates to the conduct; for the benefit of the community or a section of the community. Example: The following are examples of community service orders: (a) an order requiring a person who has made false representations to make available a training video which explains advertising obligations under this Act; and (b) an order requiring a person who has engaged in misleading or deceptive conduct in relation to a financial product to carry out a community awareness program to address the needs of consumers when purchasing the financial product. contravening conduct means conduct that: (a) contravenes a provision of Subdivision C (sections 12CA to 12CC); or (b) contravenes a provision of Subdivision D (sections 12DA to 12DN); or (c) contravenes a provision of Subdivision E (sections 12EA to 12ED); or (d) constitutes an involvement in a contravention of any of those provisions. probation order, in relation to a person who has engaged in contravening conduct, means an order that is made by the Court for the purpose of ensuring that the person does not engage in the contravening conduct, similar conduct or related conduct during the period of the order, and includes: (a) an order directing the person to establish a compliance program for employees or other persons involved in the person's business, being a program designed to ensure their awareness of the responsibilities and obligations in relation to the contravening conduct, similar conduct or related conduct; and (b) an order directing the person to establish an education and training program for employees or other persons involved in the person's business, being a program designed to ensure their awareness of the responsibilities and obligations in relation to the contravening conduct, similar conduct or related conduct; and (c) an order directing the person to revise the internal operations of the person's business which lead to the person engaging in the contravening conduct. 12GLB Punitive orders requiring adverse publicity (1) The Court may, on application by ASIC, make an adverse publicity order in relation to a person who is guilty of an offence under section 12GB. (2) In this section, an adverse publicity order, in relation to a person, means an order that: (a) requires the person to disclose, in the way and to third parties specified in the order, such information as is so specified, being information that the person has possession of or access to; and (b) requires the person to publish, at the person's expense and in the way specified in the order, an advertisement in the terms specified in, or determined in accordance with, the order. (3) This section does not limit the Court's powers under any other provision of this Act. 118 Subsection 12GM(1) Omit "section 12GE or 12GF", substitute "section 12GF, 12GLA or 12GLB". 119 Paragraph 12GM(2)(a) After "engaged in", insert "in". 120 Subsection 12GM(3) Repeal the subsection, substitute: (3) ASIC may only make an application under paragraph (2)(b) on behalf of one or more persons identified in the application who: (a) have suffered, or are likely to suffer, loss or damage by the conduct of another person that was engaged in in contravention of a provision of this Division; and (b) have consented in writing to the application being made before it is made. 121 Subsection 12GM(5) Repeal the subsection, substitute: (5) An application under subsection (2) may be made at any time within 6 years after the day on which the cause of action that relates to the conduct accrued. 122 Subsection 12GM(6) Omit "and 12CB" substitute "to 12CC". 123 After subsection 12GN(5) Insert: (5A) Subsection (5) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 124 Section 12GO Repeal the section, substitute 12GO Intervention by ASIC (1) ASIC may, with the leave of the Court and subject to any conditions imposed by the Court, intervene in any proceeding instituted under this Division. (2) If ASIC intervenes in a proceeding, it is taken to be a party to the proceeding and has all the rights, duties and liabilities of such a party. 125 Subsection 12HB(1) Omit "corporation or other" (wherever occurring). 126 Paragraph 12HB(1)(b) Omit "section 12GE", substitute "section 12GLA or 12GLB". 127 Subsection 12HB(2) Omit "corporation which, or other person who,", substitute "person who". 128 Paragraph 12HC(3)(b) Omit "or". 129 Paragraph 12HC(3)(c) Repeal the paragraph. 130 At the end of subsection 19(2) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 131 At the end of subsection 21(1) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 132 After subsection 21(1) Insert: (1A) An offence under subsection 63(3) relating to subsection (1) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 133 At the end of subsection 21(3) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 134 At the end of section 22 Add: (3) Subsection (2) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 135 At the end of subsection 23(2) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 136 At the end of section 23 Add: (3) An offence under subsection 63(4) relating to subsection (2) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 137 At the end of subsection 24(2) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 138 At the end of section 24 Add: (3) An offence under subsection 63(3) relating to paragraph (2)(a) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 139 After subsection 25(2) Insert: (2A) Subsection (2) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 140 At the end of section 26 Add: (2) Subsection (1) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 141 After subsection 29(2) Insert: (2A) An offence under subsection 63(3) relating to subsection (2) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 142 At the end of subsection 30(1) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 143 At the end of subsection 30(2) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 144 At the end of subsection 31(1) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 145 At the end of section 32A Add: Note: Failure to comply with a requirement made under this section is an offence (see section 63). 146 At the end of section 33 Add: Note: Failure to comply with a requirement made under this section is an offence (see section 63). 147 At the end of subsection 34(1) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 148 Subsection 37(9) Omit "to the best of his or her knowledge and belief". 149 At the end of subsection 37(9) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 150 Section 38 Omit ", to the best of his or her knowledge and belief". 151 At the end of section 38 Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 152 Section 39 Omit ", so far as the other person can do so". 153 At the end of section 39 Add: Note: Failure to comply with a requirement made under this section is an offence (see section 63). 154 At the end of subsection 41(1) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 155 At the end of subsection 41(2) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 156 At the end of subsection 41(3) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 157 At the end of subsection 41(4) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 158 At the end of section 41 Add: (6) An offence under subsection 63(2) relating to subsection (1), (2), (3) or (4) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 159 At the end of subsection 43(2) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 160 At the end of subsection 43(3) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 161 After subsection 43(3) Insert: (3A) An offence under subsection 63(2) relating to subsection (2) or (3) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 162 At the end of section 47 Add: (3) Subsection (2) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 163 At the end of subsection 48(2) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 164 At the end of section 48 Add: (3) An offence under subsection 63(4) relating to subsection (2) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 165 At the end of subsection 49(3) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 166 After subsection 49(3) Insert: (3A) An offence under subsection 63(3) relating to subsection (3) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 167 At the end of subsection 49(4) Add: Note: A defendant bears an evidential burden in relation to the matter in subsection (4), see subsection 13.3(3) of the Criminal Code. 168 At the end of section 56 Add: (4) Subsection (3) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 169 At the end of subsection 58(1) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 170 At the end of subsection 58(2) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 171 At the end of subsection 58(4) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). 172 After subsection 58(4) Insert: (4A) An offence under subsection 63(3) relating to subsection (1), (2) or (4) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 173 Subsection 63(1) Repeal the subsection, substitute: (1) A person must not intentionally or recklessly fail to comply with a requirement made under: (a) section 19; or (b) subsection 21(3); or (c) section 30, 31, 32A, 33 or 34; or (d) subsection 37(9); or (e) section 38; or (f) section 39. Penalty: 100 penalty units or imprisonment for 2 years, or both. 174 Subsection 63(2) Omit ", without reasonable excuse,". 175 Subsection 63(3) Omit ", without reasonable excuse,". 176 At the end of section 63 Add: (5) Subsections (1), (1A), (2) and (3) do not apply to the extent that the person has a reasonable excuse. Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code. (6) Paragraph (1)(d) does not apply to the extent that the person has explained the matter to the best of his or her knowledge or belief. Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code. (7) Paragraph (1)(e) does not apply to the extent that the person has stated the matter to the best of his or her knowledge or belief. Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code. (8) Paragraph (1)(f) does not apply to the extent that the person has, to the extent that the person is capable of doing so, performed the acts referred to in paragraphs 39(a) and (b). Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code. 177 At the end of subsection 64(3) Add: Note: A defendant bears a legal burden in relation to the matter in subsection (3), see section 13.4 of the Criminal Code. 178 Subsection 65(1) Omit ", without reasonable excuse". 179 Paragraph 65(1)(a) Omit "obstruct or hinder", substitute "engage in conduct that results in the obstruction or hindering of". 180 Paragraph 65(1)(b) Omit "obstruct or hinder", substitute "engage in conduct that results in the obstruction or hindering of". 181 After subsection 65(1) Insert: (1A) Subsection (1) does not apply to the extent that the person has a reasonable excuse. Note: A defendant bears an evidential burden in relation to the matters in this subsection, see subsection 13.3(3) of the Criminal Code. 182 Subsection 65(2) After "must", insert "not intentionally or recklessly fail to". 183 Paragraph 66(1)(a) Omit "obstruct or hinder", substitute "engage in conduct that results in the obstruction or hindering of". 184 Paragraph 66(1)(b) Omit "disrupt", substitute "engage in conduct that results in the disruption of". 185 Subsection 66(2) Omit ", without reasonable excuse,". 186 After subsection 66(2) Insert: (2A) Subsection (2) does not apply to the extent that the person has a reasonable excuse. Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code. (2B) Subsection (2) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 187 Paragraph 67(1)(a) Omit "conceal, destroy, mutilate or alter", substitute "engage in conduct that results in the concealment, destruction, mutilation or alteration of". 188 Paragraph 67(1)(b) Omit "take or send", substitute "engage in conduct that results in the taking or sending of". 189 At the end of subsection 67(2) Add: Note: A defendant bears a legal burden in relation to a matter mentioned in subsection (2), see section 13.4 of the Criminal Code. 190 At the end of section 72 Add: (2) An offence under subsection 75(5) relating to subsection (1) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 191 At the end of section 73 Add: (3) An offence under subsection 75(5) relating to subsection (1) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 192 After subsection 91(3) Insert: (3A) Subsection (3) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 193 Subsection 125(3) After "must", insert "not intentionally or recklessly fail to". 194 Subsection 127(4E) After "must", insert "not intentionally or recklessly fail to". 195 Subsection 127(4F) Omit ", without the written consent of the Chairperson", substitute "intentionally or recklessly". 196 Paragraph 127(4F)(b) Repeal the paragraph, substitute: (b) use the information. 197 After subsection 127(4F) Insert: (4FA) Subsection (4F) does not apply to the extent that: (a) the person has the written consent of the Chairperson; or (b) the information is used for the purpose of monitoring compliance with, enforcing, or performing functions or exercising powers under: (i) the Corporations Act; or (ii) the business law of a State that is not in this jurisdiction; or (iii) the business law of a foreign country; or (iv) the operating rules (if any), of the body corporate. Note: A defendant bears an evidential burden in relation to the matters in this subsection, see subsection 13.3(3) of the Criminal Code. 198 At the end of subsection 192(1) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 198). 199 At the end of subsection 192(2) Add: Note: Failure to comply with a requirement made under this subsection is an offence (see section 198). 200 After subsection 192(4) Insert: Note: Failure to comply with a requirement made under this subsection is an offence (see section 198). (5) An offence under section 198 relating to subsection (1), (2) or (4) of this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 201 Section 198 Omit ", without reasonable excuse,". 202 At the end of section 198 Add: (2) Subsection (1) does not apply to the extent that the person has a reasonable excuse. Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code. 203 At the end of subsection 199(2) Add: Note: A defendant bears a legal burden in relation to the matters in subsection (2), see section 13.4 of the Criminal Code. 204 Paragraph 200(1)(a) Omit "obstruct or hinder", substitute "engage in conduct that results in the obstruction or hindering of". 205 Paragraph 200(1)(b) Omit "disrupt", substitute "engage in conduct that results in the disruption of". 206 Subsection 200(2) Omit ", without reasonable excuse,". 207 After subsection 200(2) Insert: (2A) Subsection (2) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. (2B) Subsection (2) does not apply to the extent that the person has a reasonable excuse. Note: A defendant bears an evidential burden in relation to the matter in this subsection, see subsection 13.3(3) of the Criminal Code. 208 After subsection 216(7) Insert: (7A) Subsection (7) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 209 Subsection 219(1) Omit ", without reasonable excuse". 210 Subsection 219(2) Omit ", without reasonable excuse". 211 After subsection 219(2) Insert: (2A) Subsections (1) and (2) do not apply to the extent that the person has a reasonable excuse. Note: A defendant bears an evidential burden in relation to the matters in this subsection, see subsection 13.3(3) of the Criminal Code. 212 Paragrap