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 2A - Website disclosure for financial product advice provided to a retail client  

SECTION 943H   OBLIGATION ON AUTHORISED REPRESENTATIVE TO MAKE WEBSITE DISCLOSURE INFORMATION AVAILABLE  

943H(1)    
An authorised representative (the providing entity ) of a financial services licensee (the authorising licensee ), or of 2 or more financial services licensees (the authorising licensees ), must make website disclosure information available on its website in accordance with this Division if the providing entity, as a representative of the authorising licensee, or one or more of the authorising licensees, provides financial product advice to a person (the client ) as a retail client.

Note: If the providing entity is the authorised representative of 2 or more financial services licensees, each of those licensees is, for the purposes of this Division, an authorising licensee in relation to the financial service provided to the client, even though the providing entity may not have been acting as representative of each of those licensees in providing the service to the client.

943H(2)    
However, subsection (1) does not apply if:

(a)    disregarding subsection 941C(5A) , the providing entity is not required by a provision of this Part to give the client a Financial Services Guide in accordance with Division 2 in relation to the financial product advice; or

(b)    the providing entity gives (within the meaning of section 940C ) the client a Financial Services Guide, or something purporting to be a Financial Services Guide, by the time they are required by this Part to do so.

943H(3)    
An authorised representative must not make website disclosure information available on its website unless the authorising licensee, or each of the authorising licensees, has authorised its distribution by the authorised representative.

943H(4)    
A person contravenes this subsection if the person contravenes subsection (1) or (3) .

Note: This subsection is a civil penalty provision (see section 1317E ).

Interaction with section 941B

943H(5)    
If conduct constitutes a contravention of subsection (4) and subsection 941B(4) , proceedings may be started against a person in relation to the contravention of either or both of those subsections.

943H(6)    
However, the person is not liable to more than one pecuniary penalty in relation to the same conduct.