Commonwealth Consolidated Acts

FUTURE FUND ACT 2006 - SECT 67A

  (1)   The following provisions of this Act are enforceable under Part   4 of the Regulatory Powers (Standard Provisions) Act 2014 (the Regulatory Powers Act ):

  (a)   subsection   56(1) (care and diligence);

  (b)   section   57 (good faith);

  (c)   section   58 (use of position);

  (d)   section   59 (use of information).

Note:   Part   4 of the Regulatory Powers Act allows a civil penalty provision to be enforced by obtaining an order for a person to pay a pecuniary penalty for the contravention of the provision.

  (2)   For the purposes of Part   4 of the Regulatory Powers Act, as it applies in relation to the civil penalty provisions mentioned in subsection   (1):

  (a)   the Finance Minister is an authorised applicant; and

  (b)   the Federal Court of Australia and each Supreme Court of a State or Territory is a relevant court.

  (3)   Despite subsection   82(3) of the Regulatory Powers Act, a relevant court may order a person to pay to the Commonwealth a pecuniary penalty only if:

  (a)   the court is satisfied that the person has contravened the civil penalty provision; and

  (b)   the contravention:

  (i)   materially prejudices the interests of the Board; or

  (ii)   materially prejudices the ability of the Board to pay its creditors; or

  (iii)   is serious.

  (4)   Subsection   (3) of this section does not limit subsection   82(6) of the Regulatory Powers Act.

  (5)   The following provisions of the Regulatory Powers Act do not apply in relation to sections   56 to 59 of this Act:

  (a)   paragraph   92(1)(a) and subsection   92(2) to the extent that it relates to that paragraph   (which deal with ancillary contraventions of civil penalty provisions);

  (b)   section   94 (which deals with state of mind);

  (c)   section   96 (which deals with exceptions etc. to civil penalty provisions--burden of proof).

  (6)   Paragraph   (5)(c) of this section does not affect the operation of sections   56 to 59 of this Act as those sections would have operated if section   96 of the Regulatory Powers Act had not been enacted.

  (7)   The Board may intervene in an application under section   82 of the Regulatory Powers Act in relation to this Act. The Board is entitled to be heard on all matters other than whether the application should be granted.