CORPORATIONS ACT 2001
Ch 7 inserted by No 122 of 2001, s 3, Sch 1, Pt 1 (effective 11 March 2002).
As Act No 122 of 2001 repealed Ch 7 and 8 the history notes for Ch 7 use "inserted" and references to the former provisions have been removed.
|PART 7.9 - FINANCIAL PRODUCT DISCLOSURE AND OTHER PROVISIONS RELATING TO ISSUE, SALE AND PURCHASE OF FINANCIAL PRODUCTS
|| View history reference
Pt 7.9 heading amended by No 141 of 2003, s 3, Sch 1 (effective 14 January 2004).
Div 5C inserted by No 155 of 2012, s 3, Sch 1 (effective 18 November 2012).
A person (the client) who suffers loss or damage for a reason described in column 1 of an item of the table may recover the amount of the loss or damage by action begun against a person indicated in column 2 of that item within 6 years after the loss or damage was suffered.
|Recovery of amount of loss or damage|
| ||Column 1|
Reason for loss or damage
Person amount may be recovered from
|1||The client was not given an information statement for a class of CGS depository interests as and when required by this Division||The person required to give the statement or, if that person was an authorised representative of a financial services licensee, each such licensee responsible for the person's conduct (see subsection (2))|
|2||The client was given at a time, in purported compliance with this Division, a document that:|
(a) purported to be an information statement for a class of CGS depository interests; and
(b) was not an information statement for that class that was published at that time on the CGS depository interest information website
|Each person who:|
(a) directly or indirectly caused or contributed to the giving of the document; and
(b) did not take reasonable steps to ensure that the document given would be an information statement published at that time on the CGS depository interest information website
A financial services licensee is responsible for the conduct of an authorised representative of the licensee for the purposes of item 1 of the table in subsection (1), and the authorised representative is not liable under that item, if:
(a) the authorised representative is not an authorised representative of any other financial services licensee; or
(b) the licensee is responsible (alone or jointly and severally with other financial services licensees) for the authorised representative's conduct under section 917C, disregarding sections 917D and 917F.
This section does not affect any liability that a person has under any other law.
The court dealing with an action under subsection (1) may, in addition to awarding loss or damage under that subsection and if it thinks it necessary in order to do justice between the parties:
(a) make an order declaring void a contract entered into by the client referred to in that subsection for or relating to a financial product or a financial service; and
(b) if it makes an order under paragraph (a) - make such other order or orders as it thinks are necessary or desirable because of that order.
Without limiting paragraph (4)(b), the orders that may be made under that paragraph include (but are not limited to) an order for the return of money paid by a person, and/or an order for payment of an amount of interest specified in, or calculated in accordance with, the order.
S 1020AL inserted by No 155 of 2012, s 3, Sch 1 (effective 18 November 2012).