Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH 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 1 [frac412] 62: Relief for 31 Day Notice Term Deposits; the ASIC Corporations (Disclosure of Lack of Independence) Instrument 202 1/12 5 (as amended by ASIC Corporations (Amendment) Instrument 2024/554); and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 202 3/6 69 (as amended by ASIC Corporations (Amendment) Instrument 2024/554).
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 (Investor Directed Portfolio Services) Instrument 202 3/6 69.
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 (Investor Directed Portfolio Services) Instrument 202 3/6 69.
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.
CCH note: This provision is modified by legislative instruments. See the CCH note at the end of the provision for details.
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 (Investor Directed Portfolio Services) Instrument 202 3/6 69.
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.
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