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 7.9 - FINANCIAL PRODUCT DISCLOSURE AND OTHER PROVISIONS RELATING TO ISSUE, SALE AND PURCHASE OF FINANCIAL PRODUCTS  

Division 7 - Enforcement  

Subdivision A - Offences  

SECTION 1021P   OFFENCES RELATING TO OFFERS TO WHICH DIVISION 5A APPLIES  

Failure to comply with requirements of section 1019E relating to how offers are made

1021P(1)    
A person commits an offence if:

(a) the person makes an offer; and

(b) the offer is an offer to which Division 5A applies (see section 1019D ); and

(c) in making the offer, the person fails to comply with a requirement of section 1019E .

Contravening section 1019F by inviting offers to sell

1021P(2)    
A person commits an offence if:

(a) the person invites another person to make an offer to sell a financial product; and

(b) in making the invitation, the person contravenes section 1019F .

Failure to comply with requirements of section 1019G relating to duration and withdrawal of offers

1021P(3)    
A person commits an offence if:

(a) the person makes an offer; and

(b) the offer is an offer to which Division 5A applies (see section 1019D ); and

(c) any of the following apply:

(i) the offer does not remain open for the period required by paragraph 1019G(1)(a) ;

(ii) the offer remains open for longer than is permitted by paragraph 1019G(1)(b) ;

(iii) in purporting to withdraw the offer, the person fails to comply with a requirement of subsection 1019G(2) or (3) .

Failure to comply with requirements of section 1019I relating to price or value

1021P(4)    
A person commits an offence if:

(a) the person makes an offer; and

(b) the offer is an offer to which Division 5A applies (see section 1019D ); and

(c) the person gives the offeree an offer document; and

(d) either:

(i) the offer document does not comply with paragraph 1019I(2)(a) , (b) or (c); or

(ii) material of a kind referred to in paragraph 1019I(2)(a) , (b) or (c) that is included in the offer document is misleading or deceptive.

Failure to comply with other requirements of section 1019I

1021P(5)    
A person commits an offence if:

(a) the person makes an offer; and

(b) the offer is an offer to which Division 5A applies (see section 1019D ); and

(c) the person gives the offeree an offer document; and

(d) either:

(i) the offer document does not comply with subsection 1019I(1) , or paragraph 1019I(2)(d) , (e) or (f); or

(ii) material of a kind referred to in subsection 1019I(1) , or paragraph 1019I(2)(d) , (e) or (f), that is included in the offer document is misleading or deceptive.

Failure to comply with requirements of section 1019J

1021P(6)    
A person commits an offence if:

(a) the person makes an offer; and

(b) the offer is an offer to which Division 5A applies (see section 1019D ); and

(c) section 1019J applies because of an increase or decrease in the market value of the financial product to which the offer relates; and

(d) one of the following subparagraphs applies:

(i) the person fails to comply with subsection 1019J(2) in relation to that increase or decrease; or

(ii) the person gives the offeree a supplementary offer document in relation to that increase or decrease, but that document does not comply with subsection 1019J(3) ; or

(iii) the person gives the offeree a supplementary offer document in relation to that increase or decrease, but material of a kind referred to in subsection 1019J(3) that is included in that document is misleading or deceptive.