Clause 53
Amendment of section 204
of Securities and Futures (Amendment) Bill
BillNot in forceProvision 53 of 120
Clause 53
Section 204 of the principal Act is amended by deleting subsection (2) and substituting the following subsection:“(2) No proceedings shall be instituted against a person for an offence in respect of a contravention of any of the provisions of this Division after —
(a)
a court has made an order against him for the payment of a civil penalty under section 232; or
(b)
the person has entered into an agreement with the Authority to pay, with or without admission of liability, a civil penalty under section 232(5),in respect of that contravention.”.