33MWhen court may make pecuniary penalty orders and declarations of contravention

1. If the Panel applies for a pecuniary penalty order against a person under this Act in accordance with section 35, the court—

2. must determine whether the person has contravened the takeovers code; and
3. must make a declaration of contravention (see sections 33N and 33O) if satisfied that the person has contravened the takeovers code; and
4. may order the person to pay a pecuniary penalty that the court considers appropriate to the Crown (see sections 33P and 33Q) if satisfied that the person has contravened the takeovers code, that the person knew or ought to have known of the conduct that constituted the contravention, and that the contravention—
   1. materially prejudices the interests of offerees, the code company, the offeror or acquirer, competing offerors, or any other person involved in or affected by a transaction or event that is or will be regulated by the takeovers code, or that is incidental or preliminary to a transaction or event of that kind; or
   2. is likely to materially damage the integrity or reputation of any of New Zealand's financial markets; or
   3. is otherwise serious.