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 .
View history note
Hide history notePART 7.7 - FINANCIAL SERVICES DISCLOSURE
CCH note - modifying legislative instruments: The application of Pt 7.7 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: Class Order 14/1262: Relief for 31 Day Notice Term Deposits; the ASIC Corporations (Disclosure of Lack of Independence) Instrument 2021/125 (as amended by ASIC Corporations (Amendment) Instrument 2024/554); the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (as amended by ASIC Corporations (Amendment) Instrument 2024/554); and the ASIC Corporations (Financial Services Guides) Instrument 2015/541 (as amended by the ASIC Corporations (Amendment) Instrument 2024/809).
For other legislative instruments or class orders that affect the application of Pt 7.7, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
CCH note - modifying legislative instruments: The application of Division 7 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
For modifying legislative instruments or class orders before 1 January 2022 that affect the application of Division 7, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
CCH note - modifying legislative instruments: The application of Subdivision A is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
For modifying legislative instruments or class orders before 1 January 2022 that affect the application of Subdivision A, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
SECTION 952L OFFENCES IF FINANCIAL SERVICES LICENSEE OR AUTHORISED REPRESENTATIVE BECOMES AWARE THAT A FINANCIAL SERVICES GUIDE, SUPPLEMENTARY FSG OR WEBSITE DISCLOSURE INFORMATION IS DEFECTIVE
CCH note: This provision is modified by legislative instruments. See the CCH note at the end of the provision for details.
952L(1)
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, a Supplementary Financial Services Guide or website disclosure information; and(b)
the licensee becomes aware that the Financial Services Guide, the Supplementary Financial Services Guide, or the website disclosure information 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 ; or
(iv) a direction to alter the website disclosure information on its website in a way that is specified in the direction, being a way that corrects the deficiency and that complies with section 943M .
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, a Supplementary Financial Services Guide or website disclosure information; and(b)
the representative becomes aware that the Financial Services Guide, the Supplementary Financial Services Guide, or the website disclosure information 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, a Supplementary Financial Services Guide or website disclosure information includes (but is not limited to) giving, reading or making available the document or statement to another person in purported compliance with a requirement of this Part.
CCH note - modifying legislative instruments: Section 952L is modified by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
For modifying legislative instruments or class orders before 1 January 2022, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.