Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:2_27
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 2 cl 27
Character Range: 27603–28427

27  Subsection 11E(2)
Repeal the subsection, substitute:

 (2) A foreign ADI is guilty of an offence if:
 (a) it accepts a deposit from a person in Australia; and
 (b) before accepting the deposit, the foreign ADI did not inform the person, in a manner approved by APRA, of the requirements of this Act to which the foreign ADI is not subject because of subsection (1); and
 (c) there is no order in force under section 11 determining that this subsection does not apply to the foreign ADI.

Maximum penalty: 50 penalty units.

Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.