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 1021M 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.
Strict liability offence
1021M(1)
A person commits an offence if:
(a) the person is required by section 1015D :
(i) to notify ASIC that a Product Disclosure Statement or a Supplementary Product Disclosure Statement is in use; or
(ii) to keep a copy of a Product Disclosure Statement or a Supplementary Product Disclosure Statement for a particular period; or
(iii) to make a copy of a Product Disclosure Statement or a Supplementary Product Disclosure Statement available to ASIC; or
(iv) to comply with a request from a person for a copy of a Product Disclosure Statement or a Supplementary Product Disclosure Statement; and
(b) the person does not comply with that requirement.
[ CCH Note: For modified s 1021M(1)(a)(i), (ii), (iii) and (iv), see Corporations Regulations Schedule 10BA - Modifications of the Act relating to short-form product disclosure statements, Part 3, item 3.25]
[ CCH Note: S 1021M(1) will be amended by No 69 of 2020, s 3, Sch 1[1185], by substituting " the Registrar " for " ASIC " in para (a)(i) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
1021M(2)
An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
Ordinary offence
1021M(3)
A person commits an offence if:
(a) the person is required by section 1015D :
(i) to notify ASIC that a Product Disclosure Statement or a Supplementary Product Disclosure Statement is in use; or
(ii) to keep a copy of a Product Disclosure Statement or a Supplementary Product Disclosure Statement for a particular period; or
(iii) to make a copy of a Product Disclosure Statement or a Supplementary Product Disclosure Statement available to ASIC; or
(iv) to comply with a request from a person for a copy of a Product Disclosure Statement or a Supplementary Product Disclosure Statement; and
(b) the person does not comply with that requirement.
[ CCH Note: For modified s 1021M(3)(a)(i), (ii), (iii) and (iv), see Corporations Regulations Schedule 10BA - Modifications of the Act relating to short-form product disclosure statements, Part 3, item 3.26]
[ CCH Note: S 1021M(3) will be amended by No 69 of 2020, s 3, Sch 1[1185], by substituting " the Registrar " for " ASIC " in para (a)(i) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
