Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
CCH Note: Division 7 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
CCH Note: Subdivision A is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
CCH Note: Section 952L is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
A financial services licensee commits an offence if:
(a) the licensee has authorised an authorised representative of the licensee to distribute a Financial Services Guide or a Supplementary Financial Services Guide; and
(b) the licensee becomes aware that the Financial Services Guide, or the Supplementary Financial Services Guide, is defective; and
(c) the licensee does not, as soon as practicable, give the representative a direction that satisfies one or more of the following subparagraphs:
(i) a direction not to distribute the Financial Services Guide or the Supplementary Financial Services Guide;
(ii) a direction not to distribute the Financial Services Guide unless it is accompanied by a Supplementary Financial Services Guide that corrects the deficiency;
(iii) a direction not to distribute the Financial Services Guide or the Supplementary Financial Services Guide without first altering it in a way that is specified in the direction, being a way that corrects the deficiency and that complies with section 942E or 943F .
952L(2)
An authorised representative commits an offence if:
(a) the representative is given a direction under subsection (1); and
(b) the representative does not comply with the direction.
952L(3)
An authorised representative of a financial services licensee commits an offence if:
(a) the licensee has authorised the representative to distribute a Financial Services Guide or a Supplementary Financial Services Guide; and
(b) the representative becomes aware that the Financial Services Guide, or the Supplementary Financial Services Guide, is defective; and
(c) the representative does not, as soon as practicable, notify the licensee of the particulars of the deficiency.
952L(4)
In this section, a reference to distributing a Financial Services Guide or a Supplementary Financial Services Guide includes (but is not limited to) giving or reading the document or statement to another person in purported compliance with a requirement of this Part.
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