Document ID: chunk:federal_register_of_legislation:C2013C00529:clause:1_30
Version: federal_register_of_legislation:C2013C00529
Segment Type: clause
Provision Reference: sch 1 cl 30
Character Range: 44666–46925

30  Subsections 1317G(1E) to (1G)
Repeal the subsections, substitute:

Best interests obligations and remuneration
 (1E) 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 one of the following provisions:
 (i) subsections 961K(1) and (2) (financial services licensee responsible for breach of certain best interests duties);
 (ii) section 961L (financial services licensee to ensure compliance with certain best interests duties);
 (iii) subsection 961Q(1) (authorised representative responsible for breach of certain best interests duties);
 (iv) section 962P (charging ongoing fee after termination of ongoing fee arrangement);
 (v) subsection 962S(1) (fee recipient must give fee disclosure statement);
 (vi) subsections 963E(1) and (2) (financial services licensee must not accept conflicted remuneration);
 (vii) section 963F (financial services licensee must ensure representatives do not accept conflicted remuneration);
 (viii) subsection 963G(1) (authorised representative must not accept conflicted remuneration);
 (ix) section 963J (employer must not pay employees conflicted remuneration);
 (x) section 963K (financial product issuer or seller must not give conflicted remuneration to financial services licensee or representative);
 (xi) subsection 964A(1) (platform operator) must not accept volume‑based shelf‑space fees);
 (xii) subsections 964D(1) and (2) (financial services licensee must not charge asset‑based fees on borrowed amounts);
 (xiii) subsection 964E(1) (authorised representative must not charge asset‑based fees on borrowed amounts);
 (xiv) section 965 (anti‑avoidance of Part 7.7A provisions).
 (1F) The maximum amount that the court may order the person to pay for contravening a provision mentioned in paragraph (1E)(b) (except a provision mentioned in subparagraph (1E)(b)(iv) or (v)) is:
 (a) $200,000 for an individual; or
 (b) $1 million for a body corporate.
 (1G) The maximum amount that the court may order the person to pay for contravening a provision mentioned in subparagraph (1E)(b)(iv) or (v) is:
 (a) $50,000 for an individual; or
 (b) $250,000 for a body corporate.