Recommendation 1
paragraph 3.52
The committee recommends that the government consider
reforms to provide greater clarity regarding the evidentiary standards and
rules of procedure that apply in civil penalty proceedings involving
white-collar offences.
Recommendation 2
paragraph 5.24
The committee recommends that the Australian Securities and
Investments Commission consider ways in which the accessibility and usability
of the banned and disqualified register might be enhanced, in order to create
greater transparency regarding banning and disqualification orders.
Recommendation 3
paragraph 5.34
The committee recommends that the government consider making
infringement notices available to the Australian Securities and Investments
Commission to respond to breaches of the financial services and managed
investments provisions of the Corporations Act.
Recommendation 4
paragraph 6.55
The committee recommends that the government amend the
Corporations Act 2001 to increase the current level of civil penalties, both
for individuals and bodies corporate, and that in doing so it should have
regard to non-criminal penalty settings for similar offences in other
jurisdictions.
Recommendation 5
paragraph 6.56
The committee recommends that the government provide for
civil penalties in respect of white-collar offences to be set as a multiple of
the benefit gained or loss avoided.
Recommendation 6
paragraph 6.57
The committee recommends that the government introduce
disgorgement powers for the Australian Securities and Investments Commission in
relation to non-criminal matters.
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