Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies if the Regulator is satisfied that particular protected audit information will enable or assist a body corporate that:
(a) either:
(i) conducts, or is involved in the supervision of, a financial market; or
(ii) is a body corporate that holds an Australian CS facility licence or an Australian derivative trade repository licence, or that operates a prescribed derivative trade repository; and
(b) is specified in the regulations or the legislative rules;
to monitor compliance with, enforce, or perform functions or exercise powers under:
(c) the Corporations Act 2001 ; or
(d) the business law of a State or Territory; or
(e) the business law of a foreign country; or
(f) the operating rules (if any) of the body corporate.
Disclosure
(3) If any of the following individuals:
(e) an individual who is an audit team leader;
(f) an individual assisting an audit team leader;
is authorised by the Regulator, in writing, for the purposes of this section, the individual may disclose that protected audit information to the body corporate.
Secondary disclosure and use
(4) A person commits an offence if:
(a) the person is:
(i) a body corporate; or
(ii) an officer, employee or agent of a body corporate; and
(b) protected audit information has been disclosed under subsection (3) to the body corporate; and
(c) the person:
(i) discloses the information to another person; or
(ii) uses the information.
Penalty: Imprisonment for 2 years or 120 penalty units, or both.
(5) Subsection (4) does not apply if:
(a) the disclosure or use is with the consent of the Regulator; and
(b) the disclosure or use is for the purpose of monitoring compliance with, enforcing, or performing functions or exercising powers under:
(i) the Corporations Act 2001 ; or
(ii) the business law of a State or Territory; or
(iii) the business law of a foreign country; or
(iv) the operating rules (if any) of the body corporate.
Note: A defendant bears an evidential burden in relation to a matter in subsection (5) (see subsection 13.3(3) of the Criminal Code ).
Conditions
(6) The Regulator may, by writing, impose conditions to be complied with by the body corporate and its officers, employees and agents in relation to protected audit information disclosed to the body corporate under subsection (3).
(7) A person commits an offence if:
(a) the person is subject to a condition under subsection (6); and
(b) the person engages in conduct; and
(c) the person's conduct breaches the condition.
Penalty: Imprisonment for 2 years or 120 penalty units, or both.
(8) An instrument under subsection (6) is not a legislative instrument.
Meaning of expressions
(9) In this section, the following expressions have the same meanings as in Chapter 7 of the Corporations Act 2001 :
(a) Australian CS facility licence ;
(aa) Australian derivative trade repository licence ;
(b) financial market ;
(c) officer ;
(d) operating rules ;
(e) prescribed derivative trade repository .