Section 908DB — Corporations Act 2001 (Cth)

Civil penalty provisions

(1) A person contravenes this subsection if:

(a) the person makes one or more statements, or disseminates information; and

(b) the statements or information:

(i) are false or misleading; or

(ii) omit any matter or thing without which the statements or information are misleading; and

(c) the person knows the statements or information could be used in the generation or administration of a financial benchmark.

Note 1: This is a civil penalty provision (see section 1317E). For relief from liability, see section 1317S.

Note 2: Section 908DD (about geographical scope) causes this subsection to be read down so that it covers persons who are Australian entities, or persons whose conduct occurs wholly or partly in Australia etc.

(2) A person contravenes this subsection if:

(a) paragraphs (1)(a) to (c) apply in relation to the person, one or more statements or information, and a financial benchmark; and

(b) making the statements or disseminating the information results, or is likely to result, in any of the following suffering financial or other disadvantage from use of the financial benchmark:

(i) an Australian citizen;

(ii) a resident of Australia (within the meaning of the Criminal Code);

(iii) a body corporate incorporated by or under a law of the Commonwealth or of a State or Territory.

Note 1: This is a civil penalty provision (see section 1317E). For relief from liability, see section 1317S.

Note 2: This subsection extends subsection (1) so that persons, who are not otherwise covered, will be covered if a result of their conduct occurs wholly or partly in Australia etc.

Offence

(3) A person commits an offence if the person contravenes subsection (1) or (2).

Note: For the penalty for the offence, see section 908DC. For its geographical scope, see section 908DD.

Related sections

• s 908CP — Regulations may limit how rules may deal with certain matters
• s 908CQ — Varying or revoking the rules
• s 908DA — Manipulation of financial benchmarks
• s 908DC — Penalties for offences against this Division
• s 908DD — Geographical scope of offences and civil penalty provisions
• s 908EA — Making provision by referring to instruments as in force from time to time

Research how courts apply s 908DB

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