Introduction Agents Regulations 2008

Introduction Agents Regulations 2008 S.R. No. 54/2008 TABLE OF PROVISIONS Regulation Page 1 Objectives 1 2 Authorising provision 2 3 Commencement 2 4 Revocation 2 5 Definitions 2 6 Exemption for information service providers 2 7 Warning of no reasonable chance of providing introductions 2 8 Acknowledgement of warning 2 9 Annual statement 3 10 Prescribed offences—infringement notices 5 11 Fees 5 __________________ SCHEDULES 6 SCHEDULE 1—Warning of no reasonable chance of providing introductions 6 SCHEDULE 2—Acknowledgement of warning 7 SCHEDULE 3—Offences in respect of which infringement notices may be issued and their penalties 8 ═══════════════ ENDNOTES 9 i -- 1 of 10 -- STATUTORY RULES 2008 S.R. No. 54/2008 Introduction Agents Act 1997 Introduction Agents Regulations 2008 The Governor in Council makes the following Regulations: Dated: 10 June 2008 Responsible Minister: TONY ROBINSON Minister for Consumer Affairs RYAN HEATH Clerk of the Executive Council 1 Objectives The objectives of these Regulations are— (a) to fix the exemption threshold for information service providers under the Introduction Agents Act 1997; (b) to prescribe the notice of warning of no reasonable chance of providing introductions and the acknowledgement of warning under the Act; (c) to prescribe the details to be provided in an annual statement under the Act; (d) to specify the offences, and corresponding penalties, in relation to which infringement notices may be issued under the Act; (e) to prescribe fees payable under the Act. 1 -- 2 of 10 -- S.R. No. 54/2008 Introduction Agents Regulations 2008 r. 2 2 Authorising provision These Regulations are made under section 73 of the Introduction Agents Act 1997. 3 Commencement These Regulations come into operation on 29 June 2008. 4 Revocation The Introduction Agents Regulations 19981 are revoked. 5 Definitions In these Regulations— serious offence means an offence involving fraud, dishonesty, drug trafficking or violence punishable by imprisonment for 3 months or more, regardless of whether the offence occurred in Australia or elsewhere; the Act means the Introduction Agents Act 1997. 6 Exemption for information service providers For the purposes of sections 11(2)(b)(ii) and 11(2)(c)(ii) of the Act, an amount of $100 is fixed. 7 Warning of no reasonable chance of providing introductions For the purposes of section 33(1)(a) of the Act, a warning that there is no reasonable chance of providing introductions must be in the form set out in Schedule 1. 8 Acknowledgement of warning For the purposes of section 33(1)(b) of the Act, an acknowledgement of a warning given under section 33(1)(a) of the Act must be in the form set out in Schedule 2. 2 -- 3 of 10 -- S.R. No. 54/2008 Introduction Agents Regulations 2008 r. 9 9 Annual statement For the purposes of section 35 of the Act, the details to be contained in an annual statement are— (a) the full name of the person acting as the introduction agent; (b) the date the person gave notice under section 15 or 75 of the Act; (c) the date of the annual statement; (d) the previously notified address or addresses at which the person acts as an introduction agent and any change to this address or addresses; (e) the business name in relation to which the person acting as the introduction agent is registered for the purposes of carrying on a business of providing, or offering to provide, an introduction service; (f) the Internet site address maintained or proposed to be maintained for the purposes of the person carrying on a business of providing, or offering to provide, an introduction service; (g) if the introduction agent is a corporation— (i) the full name and address of the person who prepared the annual statement; and (ii) in respect of any person who has been appointed to act as a director since the last annual statement (or, if the annual statement is the first annual statement, since notice was given under section 15 of the Act)— (A) the person's full name; 3 -- 4 of 10 -- S.R. No. 54/2008 Introduction Agents Regulations 2008 r. 9 (B) all former full names of the person, if any; (C) the person's address; (D) the date and place of the person's birth; (E) the date the person was appointed as a director; and (iii) in respect of any person ceasing to hold office as a director since the last annual statement (or if the annual statement is the first annual statement, since notice was given under section 15 of the Act)— (A) the person's full name; (B) the date the appointment ceased; and (iv) any serious offence, since the last annual statement (or, if the annual statement is the first annual statement, since notice was given under section 15 of the Act)— (A) to which the corporation or any of its directors has pleaded guilty; or (B) of which the corporation or any of its directors has been convicted; (h) if the introduction agent is a natural person, any serious offence, since the last annual statement (or, if the annual statement is the first annual statement, since notice was given under section 15 of the Act)— (i) to which the person has pleaded guilty; or (ii) of which the person has been convicted. 4 -- 5 of 10 -- S.R. No. 54/2008 Introduction Agents Regulations 2008 r. 10 10 Prescribed offences—infringement notices For the purposes of section 58(1) of the Act, the offences listed in Schedule 3 are offences in respect of which an infringement notice may be issued and the penalty in relation to each offence is the penalty that applies if the offence is dealt with by an infringement notice. 11 Fees (1) A fee of 19 fee units must accompany a notice of intention to act as an introduction agent under section 15 of the Act. (2) A fee of 4⋅5 fee units must accompany an annual statement given under section 35(2) of the Act. (3) For the purposes of section 39(4) of the Act, a fee of $1 per page must be paid to obtain a copy of an entry in the Register of Introduction Agents. (4) For the purposes of section 40(2) of the Act, a fee of 1 fee unit must be paid to obtain a certificate. __________________ 5 -- 6 of 10 -- S.R. No. 54/2008 Introduction Agents Regulations 2008 Sch. 1 SCHEDULES SCHEDULE 1 Regulation 7 WARNING OF NO REASONABLE CHANCE OF PROVIDING INTRODUCTIONS Introduction Agents Act 1997 Section 33(1)(a) I, (name of introduction agent) of (name of company/business) am obliged by section 33(1) of the Introduction Agents Act 1997 ("the Act") to warn you (name of potential client) that there is no reasonable chance that the provision of an introduction service by me to you will result in you obtaining the introductions that you are seeking. If you choose to enter into an introduction agreement with me, section 33(2) of the Act allows you to withdraw from the agreement at any time, provided that you give me a written notice signed by you that states that you are withdrawing from the agreement (see section 33(3) of the Act). This notice can be sent or delivered to me at— (insert details of address to which a notice of withdrawal can be sent or at which such a notice can be given) or sent to me by facsimile on—(insert facsimile number) or (insert details of other electronic or mechanical means of delivery). If you exercise your right to withdraw from the agreement, I am entitled to— (a) all money paid or due under the agreement up to the time that I receive your withdrawal notice; and (b) $50 or 10% of the total that is to be paid to me under the agreement (whichever is the lower amount). Apart from these amounts, you will not be liable to me in any way for withdrawing from the agreement. Signed: (introduction agent) Dated: __________________ 6 -- 7 of 10 -- S.R. No. 54/2008 Introduction Agents Regulations 2008 Sch. 2 SCHEDULE 2 Regulation 8 ACKNOWLEDGEMENT OF WARNING Introduction Agents Act 1997 Section 33(1)(b) I, (name of potential client) of (address) acknowledge that I have received from (name of introduction agent) ("the agent") a warning that there is no reasonable chance that the provision of an introduction service by the agent to me will result in me obtaining the introductions that I am seeking. I understand that if I choose to enter into an introduction agreement with the agent, I am allowed to withdraw from the agreement at any time, provided that I give the agent a written notice signed by me that states that I am withdrawing from the agreement. I also understand that, if I exercise my right to withdraw from the agreement, the agent is entitled to— (a) all money paid or due under the agreement up to the time that the agent receives my withdrawal notice; and (b) $50 or 10% of the total that is to be paid to the agent under the agreement (whichever is the lower amount). Apart from these amounts, I will not be liable to the agent in any way for withdrawing from the agreement. Signed: (potential client) Dated: __________________ 7 -- 8 of 10 -- S.R. No. 54/2008 Introduction Agents Regulations 2008 Sch. 3 SCHEDULE 3 Regulation 10 OFFENCES IN RESPECT OF WHICH INFRINGEMENT NOTICES MAY BE ISSUED AND THEIR PENALTIES Introduction Agents Act 1997 Item Section Description Penalty (penalty units) 1 29(1) Failure by introduction agent to give client readily legible copy of agreement 10 2 35 Failure to lodge annual statement 5 3 36(2) Failure by introduction agent to give notice that he, she or it has stopped acting as an introduction agent 2 4 36(4) Failure by introduction agent to lodge final annual statement 5 5 38(1) Failure by introduction agent to retain a copy of an introduction agreement for 7 years 5 6 38(2) Failure by introduction agent to retain other document for 7 years 2 ═══════════════ 8 -- 9 of 10 -- S.R. No. 54/2008 Introduction Agents Regulations 2008 Endnotes ENDNOTES 1 Reg. 4: S.R. No. 75/1998 as amended by S.R. Nos 62/2001 and 88/2004. —— Fee Units These Regulations provide for fees by reference to fee units within the meaning of the Monetary Units Act 2004. The amount of the fee is to be calculated, in accordance with section 7 of that Act, by multiplying the number of fee units applicable by the value of a fee unit. The value of a fee unit for the financial year commencing 1 July 2007 is $11.02. The amount of the calculated fee may be rounded to the nearest 10 cents. The value of a fee unit for future financial years is to be fixed by the Treasurer under section 5 of the Monetary Units Act 2004. The value of a fee unit for a financial year must be published in the Government Gazette and a Victorian newspaper before 1 June in the preceding financial year. Penalty Units These Regulations provide for penalties by reference to penalty units within the meaning of section 110 of the Sentencing Act 1991. The amount of the penalty is to be calculated, in accordance with section 7 of the Monetary Units Act 2004, by multiplying the number of penalty units applicable by the value of a penalty unit. The value of a penalty unit for the financial year commencing 1 July 2007 is $110.12. The amount of the calculated penalty may be rounded to the nearest dollar. The value of a penalty unit for future financial years is to be fixed by the Treasurer under section 5 of the Monetary Units Act 2004. The value of a penalty unit for a financial year must be published in the Government Gazette and a Victorian newspaper before 1 June in the preceding financial year. 9 -- 10 of 10 --