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 7.9 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Periodic Statement Relief for Quoted Securities) Instrument 2024/14; the ASIC Corporations (mFund) Instrument 2024/18; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (as amended by ASIC Corporations (Amendment) Instrument 2024/554).
The application of Pt 7.9 is also modified by the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070; and Class Order 14/1262: Relief for 31 Day Notice Term Deposits.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.9, 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: Division 7 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649; the ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497; the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.
CCH Note: Subdivision A is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649; the ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497; the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.
CCH Note: Section 1021FA is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649; the ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497; the ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693.
Offence where information known to be defective
1021FA(1)
A person (the providing entity ) commits an offence if:
(a) the providing entity communicates information required by paragraph 1012G(3)(a) to another person in circumstances in which the providing entity is required to do so; and
(b) the providing entity knows that the information is defective.
Note: A defendant bears an evidential burden in relation to the matters in sections 1012D and 1012E .
Offence whether or not information known to be defective
1021FA(2)
A person (the providing entity ) commits an offence if:
(a) the providing entity communicates information required by paragraph 1012G(3)(a) to another person in circumstances in which the providing entity is required to do so; and
(b) the information is defective.
Note: A defendant bears an evidential burden in relation to the matters in sections 1012D and 1012E .
1021FA(3)
For the purposes of an offence based on subsection (2), strict liability applies to the physical element of the offence specified in paragraph (2)(b).
Note: For strict liability , see section 6.1 of the Criminal Code .
Defences
1021FA(4)
In any proceedings against a person for an offence based on subsection (1) or (2), it is a defence if the person took reasonable steps to ensure that the information communicated would not be defective.
Note: A defendant bears an evidential burden in relation to the matters in subsection (4). See subsection 13.3(3) of the Criminal Code .
1021FA(5)
In any proceedings against a person for an offence based on subsection (2), it is a defence if the information communicated was defective because of information, or an omission from information, provided to the person (whether in a document or otherwise) by the issuer of the financial product concerned.
Note: A defendant bears an evidential burden in relation to the matters in subsection (5). See subsection 13.3(3) of the Criminal Code .
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