Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person contravenes this subsection if:
(a) the person does, or omits to do, one or more acts; and
(b) the acts or omissions have or are likely to have the effect of influencing the level at which a financial benchmark is generated or administered; and
(c) the person intends for the acts or omissions to have that effect (whether or not the person also intends for the acts or omissions to have another effect).
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 acts or omissions occur 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 acts or omissions, and a financial benchmark; and
(b) the acts or omissions result, or are 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 acts or omissions occurs wholly or partly in Australia etc.
(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.