Table A: list of recommended increases to imprisonment penalties Current criminal Recommended Relevant criminal offence penalty criminal penalty Corporations Act 2001 Part 2D.1 Duties and powers – 184(1) 5 years 10 184(2) 5 years 10 184(3) 5 years 10 years Part 2D.6 Disqualification from managing corporations – 206A(1) 1 year 5 years Chapter 2M Financial reports and audit – 344(2) 5 years 10 years Part 5C.2 Responsible entity of registered scheme – 601FD(4) 5 years 10 601FE(4) 5 10 Part 5D.4 Duties of officers and employees of licensed trustee companies – 601UAA(1) 5 years 10 years 601UAB(1) 5 years 10 years Chapter 6B Rights and liabilities in relation to Chapter 6 and 6A matters – 670A(3) 1 year 5 years Chapter 6D Fundraising – 708AA(10) 6 months 2 years 708A(9) 6 months 2 years 727(1) 5 10 728(3) 5 years 10 Chapter 7 Financial services and markets – Part 7.2 Licensing of financial markets – 792D(1) 6 months 2 years Part 7.3 Licensing of clearing and settlement facilities – 821C(1) 6 months 2 years 821C(3) 6 months 2 years 821D 6 months 2 years 821E(2) 50pu 2 years Part 7.5 Compensation regimes for financial markets –
Table A: list of recommended increases to imprisonment penalties Relevant criminal offence Current criminal penalty Recommended criminal penalty Corporations Act 2001 Part 2D.1 – Duties and powers 184(1) 5 years 10 184(2) 5 years 10 184(3) 5 years 10 years Part 2D.6 – Disqualification from managing corporations 206A(1) 1 year 5 years Chapter 2M – Financial reports and audit 344(2) 5 years 10 years Part 5C.2 – Responsible entity of registered scheme 601FD(4) 5 years 10 601FE(4) 5 10 Part 5D.4 – Duties of officers and employees of licensed trustee companies 601UAA(1) 5 years 10 years 601UAB(1) 5 years 10 years Chapter 6B – Rights and liabilities in relation to Chapter 6 and 6A matters 670A(3) 1 year 5 years Chapter 6D – Fundraising 708AA(10) 6 months 2 years 708A(9) 6 months 2 years 727(1) 5 10 728(3) 5 years 10 Chapter 7 – Financial services and markets Part 7.2 – Licensing of financial markets 792D(1) 6 months 2 years Part 7.3 – Licensing of clearing and settlement facilities 821C(1) 6 months 2 years 821C(3) 6 months 2 years 821D 6 months 2 years 821E(2) 50pu 2 years Part 7.5 – Compensation regimes for financial markets
ASIC-Enforcement-Review-Report.docx