Corporations Act 2001
CHAPTER 7
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FINANCIAL SERVICES AND MARKETS
(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:
(a) the representative is given a direction under subsection (1); and
(b) the representative does not comply with the direction. 952L(3) [ Authorised representative's obligation to notify licensee of defect]
(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) [ ``distributing'']
PART 7.7
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FINANCIAL SERVICES DISCLOSURE
Division 7
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Enforcement
Subdivision A
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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)
[
Licensee aware FSG; Supplementary FSG defective]
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;
952L(2) [ Non-compliance by authorised representative]
(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 .
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) [ Authorised representative's obligation to notify licensee of defect]
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) [ ``distributing'']
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.
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