(1) A person shall not—
(a) issue or cause to be issued any advertisement inviting persons to become or to offer to become participants in a collective investment scheme, or containing information calculated to lead directly or indirectly to persons becoming or offering to become, participants in a scheme; or
(b) advise or procure any person to become or to offer to become a participant in a scheme,
unless the collective investment scheme is authorised by the Commission under this Act and in accordance with regulations made under this Act.
(2) A person who contravenes subsection (1) commits an offence and is liable on summary conviction—
(a) in the case an individual, to a fine of $100,000 or to imprisonment of 2 years or to both;
(b) in the case of company, to a fine of $200,000, and
if the offence is a continuing offence, the individual or company is liable to a further fine not exceeding $1,000 for every day that the offence continues after the conviction.