Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.9 - FINANCIAL PRODUCT DISCLOSURE AND OTHER PROVISIONS RELATING TO ISSUE, SALE AND PURCHASE OF FINANCIAL PRODUCTS  

Division 7 - Enforcement  

Subdivision A - Offences  

SECTION 1021L   OFFENCES OF GIVING, OR FAILING TO WITHDRAW, CONSENT TO INCLUSION OF DEFECTIVE STATEMENT  

1021L(1)   [ Giving consent]  

A person commits an offence if:


(a) they consent to the inclusion of a statement (the consented material ) in a Product Disclosure Statement or a Supplementary Product Disclosure Statement as mentioned in paragraph 1013K(1) (a); and


(b) either:


(i) there is a misleading or deceptive statement in the consented material; or

(ii) there is an omission of information from the consented material; and


(c) the statement or omission is or would be materially adverse from the point of view of a reasonable person considering whether to proceed to acquire the financial product concerned.

1021L(2)   [ Failing to withdraw consent]  

A person commits an offence if:


(a) they consent to the inclusion of a statement (the consented material ) in a Product Disclosure Statement or a Supplementary Product Disclosure Statement as mentioned in paragraph 1013K(1) (a); and


(b) they become aware that either:


(i) there is a misleading or deceptive statement in the consented material; or

(ii) there is an omission of information from the consented material;
being a statement, or an omission, that:

(iii) is or would be materially adverse from the point of view of a reasonable person considering whether to proceed to acquire the financial product concerned; or

(iv) results in the Product Disclosure Statement or the Supplementary Product Disclosure Statement being defective, or more defective than it would otherwise be; and


(c) they do not withdraw their consent after becoming aware of the matter mentioned in paragraph (b).


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