Document ID: chunk:federal_register_of_legislation:C2025C00139:section:14:p66
Version: federal_register_of_legislation:C2025C00139
Segment Type: section
Provision Reference: s 14 (pt 66/66)
Character Range: 198927–201022

electronically) for a purpose connected with this Act.
 (2) This Subdivision applies to a statement made by an entity's agent as if it had been made by the entity.

175‑10  Penalty for false or misleading statements
 (1) An entity is liable to an administrative penalty if:
 (a) the entity makes a statement to the Commissioner or to an entity that is exercising powers or performing functions under this Act; and
 (b) the statement is false or misleading in a material particular, whether because of things in it or omitted from it.
Note: This section applies to a statement made by an entity's agent as if it had been made by the entity (see subsection 175‑5(2)).
 (2) An entity is liable to an administrative penalty if:
 (a) the entity makes a statement to an entity other than:
 (i) the Commissioner; or
 (ii) an entity exercising powers or performing functions under this Act; and
 (b) the statement is, or purports to be, one required or permitted by this Act; and
 (c) the statement is false or misleading in a material particular, whether because of things in it or omitted from it.

Exception for reasonable care
 (3) The entity is not liable to an administrative penalty under this section if the entity, and the entity's agent (if relevant), took reasonable care in connection with the making of the statement.

175‑15  Amount of penalty

Base penalty amount
 (1) Work out the base penalty amount under section 175‑20.

Adjustments
 (2) Increase the amount in accordance with section 175‑25.
 (3) Decrease the amount in accordance with section 175‑30.

Amount of penalty
 (4) The result is the amount of the penalty.

175‑20  Base penalty amount
 (1) The base penalty amount under this Subdivision is worked out using this table:

Base penalty amount
Item                 Column 1                                                                                                                       Column 2
                     If the entity is liable to a penalty under section 175‑10 in relation to a statement that was false or misleading because of:  the base penalty amount is: