Appendix B: Enforcement of Undertakings
The Securities Act 1978
Section 69J of the Securities Act 1978 allows the Securities Commission to accept undertakings and allows a person to withdraw or vary an undertaking with the consent of the Commission. Section 69K(2) states that the Commission may apply to the High Court for an order if it considers that a person has breached a section 69J undertaking. The Court may make any of the following orders:
- An order directing the person to comply with that term;
- An order directing the person to pay the Crown an amount not exceeding the amount of any financial benefit that the person has obtained directly or indirectly and it can be reasonably attributable to the breach;
- Any order that the Court thinks appropriate directing the person to compensate any other person who has suffered loss, injury, or damage as a result of the breach;
- An order for consequential relief that the Court thinks appropriate.
The Australian Trade Practices Act 1974
Section 87B allows the ACCC to apply for any of the following orders:
- An order directing the person to comply with that term of the undertaking;
- An order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach;
- Any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach;
- Any other order that the Court considers appropriate.
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