Document ID: chunk:federal_register_of_legislation:C2018A00027:clause:1_908db
Version: federal_register_of_legislation:C2018A00027
Segment Type: clause
Provision Reference: sch 1 cl 908DB
Character Range: 47272–48989

908DB  False or misleading statements or information that could affect financial benchmarks

Civil penalty provisions
 (1) A person contravenes this subsection if:
 (a) the person makes one or more statements, or disseminates information; and
 (b) the statements or information:
 (i) are false or misleading; or
 (ii) omit any matter or thing without which the statements or information are misleading; and
 (c) the person knows the statements or information could be used in the generation or administration of a financial benchmark.
Note 1: This is a civil penalty provision (see section 1317E). For relief from liability, see section 1317S.
Note 2: Section 908DD (about geographical scope) causes this subsection to be read down so that it covers persons who are Australian entities, or persons whose conduct occurs wholly or partly in Australia etc.
 (2) A person contravenes this subsection if:
 (a) paragraphs (1)(a) to (c) apply in relation to the person, one or more statements or information, and a financial benchmark; and
 (b) making the statements or disseminating the information results, or is likely to result, in an Australian entity suffering financial or other disadvantage from use of the financial benchmark.
Note 1: This is a civil penalty provision (see section 1317E). For relief from liability, see section 1317S.
Note 2: This subsection extends subsection (1) so that persons, who are not otherwise covered, will be covered if a result of their conduct occurs wholly or partly in Australia etc.

Offence
 (3) A person commits an offence if the person contravenes subsection (1) or (2).
Note: For the penalty for the offence, see section 908DC. For its geographical scope, see section 908DD.