Clause 60

Section 277 of the principal Act is amended by inserting, immediately after subsection (6), the following subsections:“(7) A person shall not advertise an offer or intended offer of any securities referred to in subsection (1), or publish a statement that directly or indirectly refers to the offer or intended offer, or that is reasonably likely to induce persons to subscribe for or purchase the securities, unless the advertisement or publication complies with such requirements as may be prescribed by the Authority by regulations made under section 341.(8) Any person who contravenes subsection (7), or who knowingly authorises or permits the publication or dissemination of any advertisement or statement referred to in that subsection, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.”.