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 7.8A - DESIGN AND DISTRIBUTION REQUIREMENTS RELATING TO FINANCIAL PRODUCTS FOR RETAIL CLIENTS  

Division 6 - Miscellaneous  

SECTION 994M   CIVIL LIABILITY  

994M(1)    
If:

(a)    a person (the first person ) contravenes section 994B , 994C or 994D or subsection 994E(1) or (3) ; and

(b)    another person (the client ) suffers loss or damage because of the contravention;

the client may recover the amount of the loss or damage by action against the first person, whether or not:

(c)    the first person (or anyone else) has been convicted of an offence in relation to the contravention; or

(d)    a Court has made a declaration of contravention under subsection 1317E(1) in relation to the contravention; or

(e)    a Court has ordered the first person (or anyone else) to pay the Commonwealth a pecuniary penalty under section 1317G in relation to the contravention.

994M(2)    
An action under subsection (1) may be begun at any time within 6 years after the day on which the cause of action arose.

994M(3)    
This section does not affect any liability that a person has under any other law.


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