Document ID: chunk:federal_register_of_legislation:C2018A00027:clause:1_26
Version: federal_register_of_legislation:C2018A00027
Segment Type: clause
Provision Reference: sch 1 cl 26
Character Range: 62718–63829

26  After subsection 1317G(1DB)
Insert:

Financial benchmark rules and compelled financial benchmark rules
 (1DC) A Court may order a person to pay the Commonwealth a pecuniary penalty if:
 (a) a declaration of contravention by the person has been made under section 1317E; and
 (b) the contravention is of subsection 908CF(1) (complying with rules about financial benchmarks).
 (1DD) The maximum amount that the court may order the person to pay for contravening a financial benchmark rule, or a compelled financial benchmark rule, is the penalty amount specified in those rules for the rule that has been contravened.

Manipulating financial benchmarks
 (1DE) A Court may order a person to pay the Commonwealth a pecuniary penalty if:
 (a) a declaration of contravention by the person has been made under section 1317E; and
 (b) the contravention is of subsection 908DA(1) or (2) or 908DB(1) or (2).
 (1DF) The maximum amount that the court may order the person to pay for contravening a provision mentioned in paragraph (1DE)(b) is:
 (a) $200,000 for an individual; or
 (b) $1 million for a body corporate.