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 1021P   OFFENCES RELATING TO OFFERS TO WHICH DIVISION 5A APPLIES  

1021P(1)   Failure to comply with requirements of section 1019E relating to how offers are made.  

A person commits an offence if:


(a) the person makes an offer; and


(b) the offer is an offer to which Division 5A applies (see section 1019D ); and


(c) in making the offer, the person fails to comply with a requirement of section 1019E .

1021P(2)   Contravening section 1019F by inviting offers to sell.  

A person commits an offence if:


(a) the person invites another person to make an offer to sell a financial product; and


(b) in making the invitation, the person contravenes section 1019F .

1021P(3)   Failure to comply with requirements of section 1019G relating to duration and withdrawal of offers.  

A person commits an offence if:


(a) the person makes an offer; and


(b) the offer is an offer to which Division 5A applies (see section 1019D ); and


(c) any of the following apply:


(i) the offer does not remain open for the period required by paragraph 1019G(1)(a) ;

(ii) the offer remains open for longer than is permitted by paragraph 1019G(1)(b) ;

(iii) in purporting to withdraw the offer, the person fails to comply with a requirement of subsection 1019G(2) or (3) .

1021P(4)   Failure to comply with requirements of section 1019I relating to price or value.  

A person commits an offence if:


(a) the person makes an offer; and


(b) the offer is an offer to which Division 5A applies (see section 1019D ); and


(c) the person gives the offeree an offer document; and


(d) either:


(i) the offer document does not comply with paragraph 1019I(2) (a), (b) or (c); or

(ii) material of a kind referred to in paragraph 1019I(2) (a), (b) or (c) that is included in the offer document is misleading or deceptive.

1021P(5)   Failure to comply with other requirements of section 1019I.  

A person commits an offence if:


(a) the person makes an offer; and


(b) the offer is an offer to which Division 5A applies (see section 1019D ); and


(c) the person gives the offeree an offer document; and


(d) either:


(i) the offer document does not comply with subsection 1019I(1) , or paragraph 1019I(2) (d), (e) or (f); or

(ii) material of a kind referred to in subsection 1019I(1) , or paragraph 1019I(2) (d), (e) or (f), that is included in the offer document is misleading or deceptive.

1021P(6)   Failure to comply with requirements of section 1019J.  

A person commits an offence if:


(a) the person makes an offer; and


(b) the offer is an offer to which Division 5A applies (see section 1019D ); and


(c) section 1019J applies because of an increase or decrease in the market value of the financial product to which the offer relates; and


(d) one of the following subparagraphs applies:


(i) the person fails to comply with subsection 1019J(2) in relation to that increase or decrease; or

(ii) the person gives the offeree a supplementary offer document in relation to that increase or decrease, but that document does not comply with subsection 1019J(3) ; or

(iii) the person gives the offeree a supplementary offer document in relation to that increase or decrease, but material of a kind referred to in subsection 1019J(3) that is included in that document is misleading or deceptive.


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