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 B - Civil liability  

SECTION 1022A   MEANING OF DEFECTIVE AND DISCLOSURE DOCUMENT OR STATEMENT  

1022A(1)    

In this Subdivision:

defective
, in relation to a disclosure document or statement, means:

(a) there is a misleading or deceptive statement in the disclosure document or statement; or

(b) if it is a Product Disclosure Statement - there is an omission from the Product Disclosure Statement of material required by section 1013C , other than material required by section 1013B or 1013G ; or

(c) if it is a Supplementary Product Disclosure Statement that is given for the purposes of section 1014E - there is an omission from the Supplementary Product Disclosure Statement of material required by that section; or

(d) if it is information required by paragraph 1012G(3)(a) - there is an omission from the information of material required by that paragraph; or

(e) if it is an offer document of a kind referred to in section 1019E - there is an omission from the document of material required by section 1019I ; or

(f) if it is a supplementary offer document of a kind referred to in section 1019J - there is an omission from the document of material required by subsection 1019J(3) .

Note: In determining whether a Product Disclosure Statement is defective, the effect of section 1014D must be taken into account (section 1014D takes information and statements in a Supplementary Product Disclosure Statement to be included in the Product Disclosure Statement it supplements).

disclosure document or statement
means:

(a) a Product Disclosure Statement; or

(b) a Supplementary Product Disclosure Statement; or

(c) information required by paragraph 1012G(3)(a) ; or

(d) an offer document of a kind referred to in section 1019E ; or

(e) a supplementary offer document of a kind referred to in section 1019J .

regulated person
(Repealed by No 76 of 2023, s 3, Sch 2[540] (effective 20 October 2023).)

1022A(1A)    

For the avoidance of doubt, if section 1012J (information must be up to date) is not complied with in relation to a Product Disclosure Statement, 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 Product Disclosure Statement is not as up to date as section 1012J requires it to be - the information so included constitutes a misleading statement in the Product Disclosure Statement; 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 Product Disclosure Statement - the failure to include the information constitutes an omission from the Statement of material required by section 1013C .

Note: The effect of section 1014D (information in a Supplementary Product Disclosure Statement is taken to be contained in the Product Disclosure Statement it supplements) must be taken into account in determining whether section 1012J is complied with in relation to a Product Disclosure Statement.

1022A(2)    

In this Subdivision, a reference (including in the definitions in subsection (1) ) to a document or statement, or to information, of a kind referred to in a paragraph of the definition of disclosure document or statement in subsection (1) includes a reference to something purporting to be a document or statement, or to be information, of that kind.