§ 63 — Offences, penalties and defences

63.—(1) A person that contravenes section 59(1)(a) or (b), (2) or (7)(a) or (c) shall be guilty of an offence and shall be liable on conviction —(a)

in the case of an individual, to a fine not exceeding $125,000 and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or

(b)

in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.

(2) A person that —(a)

contravenes section 59(1)(c) or (d) or (7)(b) or 60(5) or does any act in contravention of section 61(2);

(b)

fails to comply with —(i)

any written notice issued under section 61(1) or 62(1) or (3); or

(ii)

any condition imposed under section 59(4) or (5); or

(c)

in purported compliance with a written notice issued under section 62(1) or (3), knowingly or recklessly provides any information or document that is false or misleading in a material particular,

shall be guilty of an offence.

(3) A person convicted of an offence under subsection (2) shall be liable on conviction —(a)

in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or

(b)

in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.

(4) Where a person is charged with an offence in respect of a contravention of section 59(1), (2) or (7) in relation to an operator, it is a defence for the person to prove that —(a)

the person was not aware that the person had contravened section 59(1), (2) or (7), as the case may be; and

(b)

within 14 days after becoming aware of the contravention, the person —(i)

notified the Authority of the contravention; and

(ii)

within such time as may be determined by the Authority, took such action in relation to the person’s shareholding or control of the voting power in the operator as the Authority may direct.

(5) Where a person is charged with an offence in respect of a contravention of section 59(1) in relation to an operator, it is also a defence for the person to prove that, even though the person was aware of the contravention —(a)

the contravention occurred as a result of an increase in the shareholding as described in section 2(2)(a) of, or in the voting power controlled by, any of the person’s associates described in section 2(2)(c)(i);

(b)

the person had no agreement or arrangement (whether oral or in writing and whether express or implied) with that associate —(i)

with respect to the acquisition, holding or disposal of shares or other interests in the operator; or

(ii)

under which the person and that associate act together in exercising their voting power in relation to the operator; and

(c)

within 14 days after the date of the contravention, the person —(i)

notified the Authority of the contravention; and

(ii)

within such time as may be determined by the Authority, took such action in relation to the person’s shareholding or control of the voting power in the operator as the Authority may direct.

(6) Except as provided in subsections (4) and (5), it is not a defence for a person charged with an offence in respect of a contravention of section 59(1), (2) or (7) to prove that the person did not intend to, or did not knowingly, contravene that provision.

—(1) A person that contravenes section 59(1)(a) or (b), (2) or (7)(a) or (c) shall be guilty of an offence and shall be liable on conviction —(a)

in the case of an individual, to a fine not exceeding $125,000 and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or

(b)

in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.

(2) A person that —(a)

contravenes section 59(1)(c) or (d) or (7)(b) or 60(5) or does any act in contravention of section 61(2);

(b)

fails to comply with —(i)

any written notice issued under section 61(1) or 62(1) or (3); or

(ii)

any condition imposed under section 59(4) or (5); or

(c)

in purported compliance with a written notice issued under section 62(1) or (3), knowingly or recklessly provides any information or document that is false or misleading in a material particular,

shall be guilty of an offence.

(3) A person convicted of an offence under subsection (2) shall be liable on conviction —(a)

in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or

(b)

in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.

(4) Where a person is charged with an offence in respect of a contravention of section 59(1), (2) or (7) in relation to an operator, it is a defence for the person to prove that —(a)

the person was not aware that the person had contravened section 59(1), (2) or (7), as the case may be; and

(b)

within 14 days after becoming aware of the contravention, the person —(i)

notified the Authority of the contravention; and

(ii)

within such time as may be determined by the Authority, took such action in relation to the person’s shareholding or control of the voting power in the operator as the Authority may direct.

(5) Where a person is charged with an offence in respect of a contravention of section 59(1) in relation to an operator, it is also a defence for the person to prove that, even though the person was aware of the contravention —(a)

the contravention occurred as a result of an increase in the shareholding as described in section 2(2)(a) of, or in the voting power controlled by, any of the person’s associates described in section 2(2)(c)(i);

(b)

the person had no agreement or arrangement (whether oral or in writing and whether express or implied) with that associate —(i)

with respect to the acquisition, holding or disposal of shares or other interests in the operator; or

(ii)

under which the person and that associate act together in exercising their voting power in relation to the operator; and

(c)

within 14 days after the date of the contravention, the person —(i)

notified the Authority of the contravention; and

(ii)

within such time as may be determined by the Authority, took such action in relation to the person’s shareholding or control of the voting power in the operator as the Authority may direct.

(6) Except as provided in subsections (4) and (5), it is not a defence for a person charged with an offence in respect of a contravention of section 59(1), (2) or (7) to prove that the person did not intend to, or did not knowingly, contravene that provision.