New Zealand Acts

COMMERCE ACT 1986 - SECT 86

86 Pecuniary penalty for contravening information disclosure requirement

1 The court may, on application by the Commission, order any person to pay a pecuniary penalty to the Crown if the court is satisfied that the person—

a) has contravened any information disclosure requirement (as defined in section 52C ); or

b) has attempted to contravene any such requirement; or

c) has aided, abetted, counselled, or procured any other person to contravene any such requirement; or

d) has induced, or attempted to induce, any other person, whether by threats or promises or otherwise, to contravene any such requirement; or

e) has been in any way, directly or indirectly, knowingly concerned in, or party to, the contravention by any other person of any such requirement; or

f) has conspired with any other person to contravene any such requirement.

2 In subsection (1) and section 86B , a reference to
"contravening an information disclosure requirement" includes all or any of the following:

a) failing to disclose information required to be disclosed:

b) failing to disclose information in the form or within the time required:

c) disclosing information under an information disclosure requirement that is false or misleading.

3 The amount of pecuniary penalty must not, in respect of each act or omission, exceed $500,000 in the case of an individual, or $5,000,000 in any other case.

4 In determining the amount of pecuniary penalty, the court must have regard to all relevant matters, including—

a) the nature and extent of the contravention; and

b) the circumstances in which the contravention took place (including whether the contravention was intentional, inadvertent, or caused by negligence); and

c) whether the person has previously been found by the court in proceedings under this Part to have engaged in similar conduct.

5 A supplier may not be liable to more than 1 pecuniary penalty in respect of the same conduct.

6 Proceedings under this section may be commenced at any time within 3 years after the contravention occurred.

History: Section 86: substituted, on 14 October 2008, by section 15 of the Commerce Amendment Act 2008 (2008 No 70).   Section 86(3): amended, on 15 August 2017, by section 32(2)(b) of the Commerce (Cartels and Other Matters) Amendment Act 2017 (2017 No 40).