Statements about ongoing supply must be given within 3 months after the end of the year to which they relate. A credit reporting body must give the Treasurer statements about the on-disclosure of information within 3 months of the end of the year to which they relate. Review of the mandatory regime 133CZH An independent review of the mandatory regime must be completed by 1 January 2022. It must be tabled in Parliament. Penalties and other enforcement ASIC may seek civil penalties powers where an eligible licensee fails to supply credit information or a (Paragraphs 1.130 to 1.138 of the statement to the Treasurer. explanatory material) ASIC may also seek a civil penalty Consequences for not supplying if a credit reporting body breaches credit information its on-disclosure obligations or fails Consequences for disclosing to supply the Treasurer with a information when the of statement. ‘principles have not been met. reciprocity’ The maximum civil penalty that can be imposed is currently $420,000 Consequences for not supplying statements to the Treasurer. for a natural person and $2.1 million for a body corporate. Criminal penalties may also be imposed up to $21,000. powers to obtain Many of existing powers are ASIC’s ASIC’s information and monitor the regime extended to the mandatory comprehensive credit reporting (Paragraphs 1.137 to 1.159 of the regime requirement so that it can explanatory material) monitor and ensure compliance Issuing an infringement notice Existing s331 with the supply requirements and ondisclosure restrictions. Obligation to provide ASIC with a 133CZD statement or an audit report Obligation to give ASIC information 133CZE required by the regulations Obligation to provide ASIC with 133CZF assistance Inspection of books and Items 5 to 10 information gathering powers Commencement date 1 July 2018.
Statements about ongoing supply must be given within 3 months after the end of the year to which they relate. A credit reporting body must give the Treasurer statements about the on-disclosure of information within 3 months of the end of the year to which they relate. Review of the mandatory regime 133CZH An independent review of the mandatory regime must be completed by 1 January 2022. It must be tabled in Parliament. Penalties and other enforcement powers (Paragraphs 1.130 to 1.138 of the explanatory material) ASIC may seek civil penalties where an eligible licensee fails to supply credit information or a statement to the Treasurer. ASIC may also seek a civil penalty if a credit reporting body breaches its on-disclosure obligations or fails to supply the Treasurer with a statement. The maximum civil penalty that can be imposed is currently $420,000 for a natural person and $2.1 million for a body corporate. Criminal penalties may also be imposed up to $21,000. Consequences for not supplying credit information Consequences for disclosing information when the ‘principles of reciprocity’ have not been met. Consequences for not supplying statements to the Treasurer. ASIC’s powers to obtain information and monitor the regime (Paragraphs 1.137 to 1.159 of the explanatory material) Many of ASIC’s existing powers are extended to the mandatory comprehensive credit reporting regime requirement so that it can monitor and ensure compliance with the supply requirements and ondisclosure restrictions. Issuing an infringement notice Existing s331 Obligation to provide ASIC with a statement or an audit report 133CZD Obligation to give ASIC information required by the regulations 133CZE Obligation to provide ASIC with assistance 133CZF Inspection of books and information gathering powers Items 5 to 10 Commencement date 1 July 2018.