Financial Intermediaries Act 1996

A proceeding for an indictable offence against this Act may be taken, at the election of the prosecution—

by way of summary proceedings under the Justices Act 1886; or

on indictment.

A magistrate must not hear an indictable offence summarily if—

the defendant asks at the start of the hearing that the charge be prosecuted on indictment; or

the magistrate considers that the charge should be prosecuted on indictment.

If subsection (2) applies—

the magistrate must proceed by way of an examination of witnesses for an indictable offence; and

a plea of the person charged at the start of the proceeding must be disregarded; and

evidence brought in the proceeding before the magistrate decided to act under subsection (2) is taken to be evidence in the proceeding for the committal of the person for trial or sentence; and

before committing the person for trial or sentence, the magistrate must make a statement to the person as required by the Justices Act 1886, section 104(2)(b).

The maximum penalty that may be summarily imposed for an indictable offence is 165 penalty units or 1 year’s imprisonment.