Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.7 - FINANCIAL SERVICES DISCLOSURE  

Division 7 - Enforcement  

Subdivision A - Offences  

SECTION 952L   OFFENCES IF FINANCIAL SERVICES LICENSEE OR AUTHORISED REPRESENTATIVE BECOMES AWARE THAT A FINANCIAL SERVICES GUIDE (OR SUPPLEMENTARY FSG) IS DEFECTIVE  

952L(1)    
A financial services licensee commits an offence if:

(a) the licensee has authorised an authorised representative of the licensee to distribute a Financial Services Guide or a Supplementary Financial Services Guide; and

(b) the licensee becomes aware that the Financial Services Guide, or the Supplementary Financial Services Guide, is defective; and

(c) the licensee does not, as soon as practicable, give the representative a direction that satisfies one or more of the following subparagraphs:

(i) a direction not to distribute the Financial Services Guide or the Supplementary Financial Services Guide;

(ii) a direction not to distribute the Financial Services Guide unless it is accompanied by a Supplementary Financial Services Guide that corrects the deficiency;

(iii) a direction not to distribute the Financial Services Guide or the Supplementary Financial Services Guide without first altering it in a way that is specified in the direction, being a way that corrects the deficiency and that complies with section 942E or 943F .

952L(2)    
An authorised representative commits an offence if:

(a) the representative is given a direction under subsection (1); and

(b) the representative does not comply with the direction.

952L(3)    
An authorised representative of a financial services licensee commits an offence if:

(a) the licensee has authorised the representative to distribute a Financial Services Guide or a Supplementary Financial Services Guide; and

(b) the representative becomes aware that the Financial Services Guide, or the Supplementary Financial Services Guide, is defective; and

(c) the representative does not, as soon as practicable, notify the licensee of the particulars of the deficiency.

952L(4)    
In this section, a reference to distributing a Financial Services Guide or a Supplementary Financial Services Guide includes (but is not limited to) giving or reading the document or statement to another person in purported compliance with a requirement of this Part.