List the sources using Harvard style referencing from the following text  --- Part 1

(a) Amendment summary

Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (Cth):

This amendment strengthens the penalties for corporate and financial sector misconduct by amending the Corporations Act 2001, National Consumer Credit Protection Act 2009, and Australian Securities and Investments Commission Act 2001. Its purpose is to deter misconduct and improve community confidence in the financial system. It addresses the recommendations from the Enforcement Review Taskforce by increasing criminal and civil penalties for contraventions, harmonizing criminal and civil penalties, and guaranteeing regulators have the necessary tools to tackle misconduct effectively.

Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 (Cth):

This amendment introduces a regime for design and distribution obligations with respect to financial products and enhances ASIC’s intervention powers. It amends the Corporations Act 2001, National Consumer Credit Protection Act 2009, and the Australian Securities and Investments Commission Act 2001. It seeks to address consumer harm by ensuring that financial products are targeted and sold to suitable consumers with financial product providers and distributors to implement appropriate consumer protection measures.

(b) Amendment impact on ASIC’s operation

Strengthening Corporate and Financial Sector Penalties amendment:

This amendment has broadened ASIC’s powers in pursuing misconduct in the corporate and financial sectors. The strengthened penalties framework promotes greater deterrence by increasing penalties for criminal offenses and civil contraventions. As a result, ASIC now possesses more powerful tools to pursue wrongdoers and deal with breaches in a more comprehensive and effective manner.

Design and Distribution Obligations and Product Intervention Powers amendment:

This amendment has transformed the way ASIC operates by providing it with additional powers to intervene in financial product design, distribution, and marketing when there is material risk of consumer harm. ASIC can now issue stop orders, vary product features, or even ban a product or its distribution if it is deemed detrimental to consumers.

© Amendment impact on personal financial advice

Strengthening Corporate and Financial Sector Penalties amendment:

The amendment affects the provision of personal financial advice by requiring financial advisers to adhere to higher standards and obligations under the law. The increased penalties for misconduct drive a focus on compliance and maintaining ethical standards within the financial advice industry, ultimately leading to improved client outcomes and protection.

Design and Distribution Obligations and Product Intervention Powers amendment:

This amendment impacts the provision of personal financial advice by ensuring that financial products are designed and tailored to suit specific market segments. Financial advisers now have a greater responsibility in giving retail clients appropriate advice on which financial products are fit for the client’s needs. Further, advisers must also make sure they comply with the new product governance arrangements to minimize consumer harm and avoid possible sanctions from ASIC.

Part 2

(a) Strengthening Corporate and Financial Sector Penalties Act 2019 (Cth):

- Key changes to non-pecuniary offenses include increases in maximum imprisonment terms, for example, from 5 to 15 years for the most serious offenses. Penalties such as disqualification orders, community service orders or probation orders may also apply to non-pecuniary offenses.
- The Formula for calculating pecuniary penalties for criminal offenses introduced in the Act takes into account the value of the benefits obtained or obtainable, the annual turnover of the body corporate, and the value of body property.
- Schedule of pecuniary penalties:
- Criminal Offenses apply to:
a) Individuals: up to 4,500 penalty units ($945,000)
b) Body Corporates: the greater of 45,000 penalty units ($9.45 million), 3 times the value of benefits obtained or obtainable, or 10% of the body corporate’s annual turnover during a 12-month period.
- Civil Contraventions apply to:
a) Individuals: up to 5,000 penalty units ($1.05 million)
b) Body Corporates: the greater of 50,000 penalty units ($10.5 million), 3 times the value of benefits obtained or obtainable, or 10% of the body corporate’s annual turnover during a 12-month period.

(b) Impact of the Design and Distribution Obligations and Product Intervention Powers Act 2019 (Cth):

This amendment imposes new regulatory requirements on individual authorized representatives and AFS license holders. They must ensure that financial products are suitable for the target market, establish and maintain a distribution process for that market and continually review their products to ensure that they meet changing market conditions and consumer expectations. Additionally, they must comply with any product intervention orders issued by ASIC. Failure to adhere to these requirements may lead to increased monitoring by ASIC, increased compliance costs, potential pecuniary and non-pecuniary penalties, and reputational damage