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 .

PART 7.10 - MARKET MISCONDUCT AND OTHER PROHIBITED CONDUCT RELATING TO FINANCIAL PRODUCTS AND FINANCIAL SERVICES  

Division 4 - Defences, relief and limits on liability  

SECTION 1044B   LIMIT ON LIABILITY FOR MISLEADING OR DECEPTIVE CONDUCT  

State or Territory professional standards law limits liability

1044B(1)    

A professional standards law of a State or Territory applies to limit occupational liability relating to an action for contravention of section 1041H in the same way as it limits occupational liability arising under a law of the State or Territory.

Note: Section 1041H prohibits misleading or deceptive conduct by a person in relation to a financial product or financial service.

1044B(2)    
However, the professional standards law applies for that purpose:

(a)    only in relation to a scheme that was prescribed by the regulations at the time (the contravention time ) of the contravention; and

(b)    as if the scheme were in force under that law at the contravention time in the form the scheme would have been in if:

(i) the scheme had not been amended or revoked under that law since the scheme was first prescribed; and

(ii) the modifications (if any) prescribed by the regulations at the contravention time had been made to the scheme.

Which State ' s or Territory ' s professional standards law applies?

1044B(3)    
For the purposes of working out whether a professional standards law of a particular State or Territory applies under subsection (1) in relation to a particular contravention of section 1041H , choice of law rules operate in relation to the contravention in the same way as they operate in relation to a tort.

Definitions

1044B(4)    

In this section:

modifications
(Repealed by No 76 of 2023, s 3, Sch 1[20] (effective 20 October 2023).)

occupation
includes profession and trade.

occupational association
means a body:

(a) that represents the interests of persons who have the same occupation; and

(b) whose membership is limited principally to such persons.

occupational liability
means civil liability arising directly or vicariously from anything done or omitted by a member of an occupational association in the course of his or her occupation.

professional standards law
means a law providing for the limitation of occupational liability by reference to schemes for limiting that liability that were formulated and published in accordance with that law.