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 952F   OFFENCES OF FINANCIAL SERVICES LICENSEE KNOWINGLY PROVIDING DEFECTIVE DISCLOSURE MATERIAL TO AN AUTHORISED REPRESENTATIVE  

952F(1)    

For the purposes of this section, a financial services licensee provides disclosure material to an authorised representative of the licensee if:

(a)    

the licensee authorises the distribution by the representative of a disclosure document or statement, being a Financial Services Guide, a Supplementary Financial Services Guide or website disclosure information; or

(b)    

the licensee provides the representative with a disclosure document or statement, being:

(i) a Statement of Advice; or

(ii) a Cash Settlement Fact Sheet; or

(iii) information, a statement or a copy of a record required by subsection 941C(5) or (7) , 941D(2) , 946AA(5) , 946B(3) , (6) or (8) or 946C(2) ; or

(c)    

the licensee provides the representative with information:

(i) for the purpose of it being included by the representative in a disclosure document or statement, being a Statement of Advice, a Cash Settlement Fact Sheet, or information, a statement or a copy of a record required by subsection 941C(5) or (7) , 941D(2) , 946AA(5) , 946B(3) , (6) or (8) or 946C(2) ; or

(ii) knowing that it is likely that it will be so included in such a document.

952F(2)    
A financial services licensee commits an offence if:

(a)    the licensee provides disclosure material (being a disclosure document or statement) to an authorised representative of the licensee as mentioned in paragraph (1)(a) or (b) ; and

(b)    the licensee knows that the disclosure document or statement is defective.

952F(3)    
A financial services licensee commits an offence if:

(a)    the licensee provides disclosure material (being information) to an authorised representative of the licensee as mentioned in paragraph (1)(c) ; and

(b)    the licensee knows that, if the information is included by the representative as mentioned in that paragraph, the disclosure document or statement concerned will be defective.

952F(4)    
A financial services licensee commits an offence if:

(a)    the licensee provides disclosure material (being information) to an authorised representative of the licensee as mentioned in paragraph (1)(c) ; and

(b)    the information relates to a matter or matters, but the licensee knows that it is only some of the information relating to the matter or matters that the disclosure document or statement concerned is required to contain; and

(c)    the licensee is reckless as to whether the representative will or may prepare the disclosure document or statement on the basis that the information is all the information relating to the matter or matters that the disclosure document or statement is required to contain.