Financial Advisers Act 2001 · 2020 Revised Edition · Part 8 · Offences
116. Penalty for corporations
Feedback & supportLast amended by an amending law of 2024. 2 amendments in all.
Subject to subsections (2) and (3), where a corporation or body corporate is convicted of an offence under this Act, the penalty that the court may impose is a fine not exceeding 2 times the maximum amount that the court could, but for this subsection, impose as a fine for that offence.
corporation
“corporation” has the meaning given by section 4(1) of the Companies Act 1967;
Subsection (1) does not apply to —
offences under sections 9(3), 10(4), 15(9) and (10), 41(6), 49(5) and (6), 50(2), 51(2), 52(4), (5) and (6), 53(5), 59(2), 63(10) and (12) and 64(10); or
offences under any subsidiary legislation made under this Act where it is expressly provided in the subsidiary legislation that subsection (1) does not apply to those offences.
Where an individual is convicted of an offence under this Act by virtue of section 111, he or she shall be liable to the fine or imprisonment or both as prescribed for that offence and subsection (1) does not apply.
In this section, “body corporate” excludes a limited liability partnership within the meaning of the Limited Liability Partnerships Act 2005.[88
limited liability partnership
“limited liability partnership” has the meaning given by section 2(1) of the Limited Liability Partnerships Act 2005;