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.



 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.