Penalties for reporting noncompliance impose escalating daily fines and substantial fixed penalties for inaccurate reporting. Section 459 establishes a graduated penalty regime for reporting entities under section 511: daily penalties apply for failure to furnish the required report and for failure to produce information and documents within the period allowed under section 511(7); a higher daily penalty may be imposed if either failure continues after service of an order imposing penalty; and a significant fixed penalty applies where a reporting entity furnishes inaccurate information and either knew of the inaccuracy, fails to correct after discovery within the prescribed period, or furnishes inaccurate material in response to a section 511(7) notice.
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Provisions expressly mentioned in the judgment/order text.
Penalties for reporting noncompliance impose escalating daily fines and substantial fixed penalties for inaccurate reporting.
Section 459 establishes a graduated penalty regime for reporting entities under section 511: daily penalties apply for failure to furnish the required report and for failure to produce information and documents within the period allowed under section 511(7); a higher daily penalty may be imposed if either failure continues after service of an order imposing penalty; and a significant fixed penalty applies where a reporting entity furnishes inaccurate information and either knew of the inaccuracy, fails to correct after discovery within the prescribed period, or furnishes inaccurate material in response to a section 511(7) notice.
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