Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH Note: Division 7 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649; the ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497; the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.
CCH Note: Subdivision A is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649; the ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497; the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.
CCH Note: Section 1021C is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649; the ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497; the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.
[ CCH Note: For substituted heading to s 1021C, see Corporations Regulations Schedule 10A, Part 19 - Modifications for carbon units, Australian carbon credit units and eligible international emissions units, item 19.25]
A person (the providing entity ) commits an offence if:
(a) the providing entity:
(i) is required by a provision of this Part to give another person a Product Disclosure Statement or a Supplementary Product Disclosure Statement (the required disclosure document or statement ); or
(ii) is required by paragraph 1012G(3) (a) to orally communicate information (the required disclosure document or statement ) to another person; and
(b) the providing entity does not:
(i) if subparagraph (a)(i) applies - give (in accordance with section 1015C ) the other person anything purporting to be the required disclosure document or statement by the time they are required to do so; or
(ii) if subparagraph (a)(ii) applies - orally communicate to the other person anything purporting to be the information required by paragraph 1012G(3) (a) by the time they are required to do so.
Note: A defendant bears an evidential burden in relation to the matters in sections 1012D , 1012DAA , 1012DA and 1012E .
[ CCH Note: For substituted s 1021C(1)(a)(i) and (b)(i), see Corporations Regulations Schedule 10A, Part 19 - Modifications for carbon units, Australian carbon credit units and eligible international emissions units, items 19.26 and 19.27]
An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
A person (the providing entity ) commits an offence if:
(a) the providing entity:
(i) is required by a provision of this Part to give another person a Product Disclosure Statement or a Supplementary Product Disclosure Statement (the required disclosure document or statement ); or
(ii) is required by paragraph 1012G(3) (a) to orally communicate information (the required disclosure document or statement ) to another person; and
(b) the providing entity does not:
(i) if subparagraph (a)(i) applies - give (in accordance with section 1015C ) the other person anything purporting to be the required disclosure document or statement by the time they are required to do so; or
(ii) if subparagraph (a)(ii) applies - orally communicate to the other person anything purporting to be the information required by paragraph 1012G(3) (a) by the time they are required to do so.
Note: A defendant bears an evidential burden in relation to the matters in sections 1012D , 1012DAA , 1012DA and 1012E .
[ CCH Note: For substituted s 1021C(3)(a)(i) and (b)(i), see Corporations Regulations Schedule 10A, Part 19 - Modifications for carbon units, Australian carbon credit units and eligible international emissions units, items 19.28 and 19.29]
In any proceedings against an authorised representative of a financial services licensee for an offence based on subsection (1) or (3), it is a defence if:
(a) the licensee had provided the representative with information or instructions about the giving or communication of disclosure documents or statements; and
(b) the representative ' s failure to give or communicate the required disclosure document or statement occurred because the representative was acting in reliance on that information or those instructions; and
(c) the representative ' s reliance on that information or those instructions was reasonable.
Note: A defendant bears an evidential burden in relation to the matters in subsection (4). See subsection 13.3(3) of the Criminal Code .
[ CCH Note: For substituted s 1021C(4)(b), see Corporations Regulations Schedule 10A, Part 19 - Modifications for carbon units, Australian carbon credit units and eligible international emissions units, item 19.30]
(a) a person does not give another person a Product Disclosure Statement for a financial product because of section 1012DAA or 1012DA ; and
(b) a notice was given under subsection 1012DAA(2) or 1012DA(5) ; and
(c) the notice purported to comply with subsection 1012DAA(7) or 1012DA(6) but did not actually comply with that subsection;
the person is taken not to contravene this section.
[ CCH Note: For s 1021C(6), see Corporations Regulations Schedule 10BA - Modifications of the Act relating to short-form product disclosure statements, Part 3, item 3.12]
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