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 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); and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (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: Division 7 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
CCH Note: Subdivision A is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
CCH Note: Section 952C is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
Strict liability offence
952C(1)
A person (the providing entity ) commits an offence if: (a) the providing entity is required by a provision of this Part to give another person a disclosure document or statement (the required disclosure document or statement ); and (b) the providing entity does not give (within the meaning of section 940C ) the other person anything purporting to be the required disclosure document or statement by the time they are required to do so.
952C(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
952C(3)
A person (the providing entity ) commits an offence if: (a) the providing entity is required by a provision of this Part to give another person a disclosure document or statement (the required disclosure document or statement ); and (b) the providing entity does not give (within the meaning of section 940C ) the other person anything purporting to be the required disclosure document or statement by the time they are required to do so.
Defence for authorised representative
952C(4)
In any proceedings against an authorised representative of a financial services licensee for an offence based on subsection (1) or (3) , it is a defence if: (a) the licensee had provided the representative with information or instructions about the giving of disclosure documents or statements; and (b) the representative's failure to give the required disclosure document or statement occurred because the representative was acting in reliance on that information or those instructions; and (c) the representative's reliance on that information or those instructions was reasonable.
Note: A defendant bears an evidential burden in relation to the matters in subsection (4) . See subsection 13.3(3) of the Criminal Code .
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