Obligation to give ASIC information required by the regulations
50 Obligation to give ASIC information required by the regulations
Regulations may require licensee to give information
The regulations may require a licensee, or each licensee in a class of licensees, to give ASIC specified information about the credit activities engaged in by the licensee or its representatives.
Requirement to comply with regulations
If regulations under subsection (1) require a licensee to give ASIC information, the licensee must give ASIC that information.
Civil penalty: 5,000 penalty units.
Offence
A person commits an offence if:
the person is subject to a requirement to give ASIC information under subsection (2); and
the person engages in conduct; and
the conduct contravenes the requirement.
Criminal penalty: 6 months imprisonment.
Strict liability offence
A person commits an offence if:
the person is subject to a requirement to give ASIC information under subsection (2); and
the person engages in conduct; and
the conduct contravenes the requirement.
Criminal penalty: 20 penalty units.
Subsection (4) is an offence of strict liability.
For strict liability, see section 6.1 of the Criminal Code.
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