The Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 received Royal Assent on 12 March 2019 and commenced on 13 March 2019.
The Act increases the criminal and civil penalties for corporate and financial sector misconduct that apply under the Corporations Act 2001, the Australian Securities and Investments Commission Act 2001 (the ASIC Act), the National Consumer Credit Protection Act 2009 (the Credit Act), and the Insurance Contracts Act 1984.