Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12GBCC

Relinquishment order

  (1)   A Court may order a person to pay the Commonwealth an amount equal to the benefit derived and detriment avoided because of a contravention of a civil penalty provision. The order is a relinquishment order .

  (2)   The Court may make a relinquishment order:

  (a)   on its own initiative, during proceedings before the Court; or

  (b)   on application by ASIC, made within 6 years after the alleged contravention.

Relationship between relinquishment orders and pecuniary penalty orders

  (3)   To avoid doubt, the Court may make a relinquishment order in relation to the contravention of a civil penalty provision even if a pecuniary penalty order could be, or has been, made in relation to the contravention of the civil penalty provision.

Note:   The relationship between relinquishment orders and proceedings for an offence are dealt with in sections   12GBCG, 12GBCH, 12GBCJ and 12GBCK.