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Takeovers Act 1993

Investigation and enforcement - Enforcement by court - Pecuniary penalty orders and declarations of contravention

33Q: Considerations for court in determining pecuniary penalty

You could also call this:

"What the court thinks about when deciding a penalty for wrongdoing"

Illustration for Takeovers Act 1993

When the court is deciding a pecuniary penalty, you need to think about all the relevant things. This includes the principles in the takeovers code and the nature and extent of what was done wrong. The court also thinks about how likely it is that the wrongdoing will damage New Zealand's financial markets and how much damage it might cause. You consider how much loss or damage someone suffered because of the wrongdoing, as mentioned in section 33M(c)(i). The court looks at the circumstances of the wrongdoing and whether the person has done something similar before.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM326341.

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33P: Maximum amount of pecuniary penalty, or

"The Maximum Penalty for Breaking the Law"

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33R: Court must order that recovery from pecuniary penalty be applied to Panel's actual costs, or

"Court uses penalty money to pay Takeovers Panel's costs"

Part 3Investigation and enforcement
Enforcement by court: Pecuniary penalty orders and declarations of contravention

33QConsiderations for court in determining pecuniary penalty

  1. In determining an appropriate pecuniary penalty, the court must have regard to all relevant matters, including—

  2. the principles contained in the takeovers code; and
    1. the nature and extent of the contravention; and
      1. the likelihood, nature, and extent of any damage to the integrity or reputation of any of New Zealand's financial markets because of the contravention; and
        1. the nature and extent of any loss or damage suffered by a person referred to in section 33M(c)(i) because of the contravention; and
          1. the circumstances in which the contravention took place; and
            1. whether or not the person in contravention has previously been found by the court in proceedings under this Act to have engaged in any similar conduct.

              Notes
              • Section 33Q: inserted, on , by section 16 of the Takeovers Amendment Act 2006 (2006 No 48).
              • Section 33Q(c): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).