Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 (67 of 2024)

Schedule 1   Delivering better financial outcomes - reducing red tape

Part 3   Financial Services Guides

Corporations Act 2001

36   After subsection 952B(1A)

Insert:

(1B) For the avoidance of doubt, if section 943L (obligation to keep website disclosure information up to date) is not complied with in relation to website disclosure information, then, for the purposes of the definition of defective in subsection (1):

(a) if the circumstance constituting the non-compliance is that particular information included in the website disclosure information is not as up to date as section 943L requires it to be - the information so included constitutes a misleading statement in the website disclosure information; and

(b) if the circumstance constituting the non-compliance is a failure to include particular information that was not previously required to be included in the website disclosure information - the failure to include the information constitutes an omission from the website disclosure information.

Note: Whether the inclusion of out of date information, or the failure to include information, results in website disclosure information being defective as defined in subsection (1) depends on whether the materiality test set out in that definition is satisfied.