Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person commits an offence if:
(a) the person is or was a member of a Financial Services and Credit Panel; and
(b) the person uses or discloses information; and
(c) the information was obtained by the person in connection with the performance of the panel's functions or the exercise of the panel's powers.
Penalty: 2 years imprisonment.
(2) Subsection (1) does not apply if the use or disclosure:
(a) is required or permitted by a law of the Commonwealth or a prescribed law of a State or Territory; or
(b) is made to ASIC for the purposes of the performance of ASIC's functions, or the exercise of its powers, under the corporations legislation or the National Consumer Credit Protection Act 2009 ; or
(c) is made to the Tax Practitioners Board for the purposes of the performance of the Board's functions, or the exercise of its powers, under the Tax Agent Services Act 2009 ; or
(d) is made for the purposes of the performance of the panel's functions or the exercise of its powers; or
(e) is made to another Financial Services and Credit Panel for the purposes of the performance of the other panel's functions or the exercise of the other panel's powers.
Note: A defendant bears an evidential burden in relation to the matters in subsection (2) (see subsection 13.3(3) of the Criminal Code ).