Document ID: chunk:federal_register_of_legislation:C2023A00075:clause:1_1023s:p2
Version: federal_register_of_legislation:C2023A00075
Segment Type: clause
Provision Reference: sch 1 cl 1023S (pt 2/2)
Character Range: 12567–14990

of the purposes, of the person engaging in that conduct was to avoid the application of a credit product intervention order.
Note: This subsection is a civil penalty provision (see section 1317E). For relief from liability to a civil penalty relating to this subsection, see section 1317S.

Prohibitions independent of each other
 (5) To avoid doubt, subsections (1), (2), (3) and (4) are independent from and do not limit each other.
 (6) If conduct constitutes a contravention of 2 or more subsections of this section, proceedings may be started against a person in relation to the contravention of any one or more of those subsections.
 (7) However, the person is not liable to more than one pecuniary penalty in relation to the same conduct.

Matters to which regard must be had
 (8) In determining, for the purposes of subsection (1), (2), (3) or (4), whether it would be reasonable to conclude that a purpose of a person entering into or carrying out (to any extent) a scheme was to avoid the application of a credit product intervention order, regard must be had to any matters prescribed by the regulations.
 (9) Subsection (8) does not limit the matters to which regard may be had in making a determination described in that subsection.

Offence
 (10) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1), (2), (3) or (4); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.

Definitions
 (11) In this section:
constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.
constitutional trade and commerce means trade and commerce:
 (a) between Australia and places outside Australia; or
 (b) between the States; or
 (c) between a State and a Territory; or
 (d) between 2 Territories; or
 (e) within a Territory.
credit product intervention order means a product intervention order made in relation to a financial product of the kind covered by paragraph 12BAA(7)(k) of the Australian Securities and Investments Commission Act 2001 (which is about credit facilities).
scheme means:
 (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied; or
 (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise; or
 (c) any combination of 2 or more things that are schemes because of paragraph (a) or (b).