Clause 55

by deleting the word “companies” in subsection (3)(a) and substituting the word “entities”;

by deleting the word “and” at the end of subsection (3)(a);

by deleting paragraph (b) of subsection (3) and substituting the following paragraphs:“(b)the prohibition or restriction on mutual holding of shares or other interests between the banks, related corporations or other entities referred to in paragraph (a); and

the risk management of banks, whether or not relating to banking business.”; and

by deleting subsection (5) and substituting the following subsections:“(5) Except as otherwise expressly provided in this Act, regulations made under this section may provide that any contravention of any of those regulations is an offence punishable —

in the case of an individual, with a fine not exceeding $50,000 or with imprisonment for a term not exceeding 2 years or with both and, in the case of a continuing offence, with a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction; or

in any other case, with a fine not exceeding $100,000 and, in the case of a continuing offence, with a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.(6) Regulations made under subsection (3)(c) may provide that a contravention of any of those regulations shall be an offence punishable —

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

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