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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.9 - FINANCIAL PRODUCT DISCLOSURE AND OTHER PROVISIONS RELATING TO ISSUE, SALE AND PURCHASE OF FINANCIAL PRODUCTS    View history reference

Division 7 - Enforcement    View history reference

Subdivision A - Offences    View history reference

SECTION 1021J  OFFENCES IF PREPARER ETC. OF DISCLOSURE DOCUMENT OR STATEMENT BECOMES AWARE THAT IT IS DEFECTIVE  

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1021J(1)  [Person becomes aware statement defective]  


A person commits an offence if:


(a) the person prepares (or has someone else prepare for them) a disclosure document or statement (not being information required by paragraph 1012G(3)(a)); and
 View history reference


(b) the person becomes aware that the disclosure document or statement is defective; and


(c) the person does not, as soon as practicable, take reasonable steps to ensure that any regulated person to whom the disclosure document or statement has been provided for further distribution is given a direction that satisfies one of more of the following subparagraphs:


(i) a direction not to distribute the disclosure document or statement;

(ii) if it is a Product Disclosure Statement - a direction not to distribute the Product Disclosure Statement unless it is accompanied by a Supplementary Product Disclosure Statement that corrects the deficiency;

(iii) if it is a Product Disclosure Statement or a Supplementary Product Disclosure Statement - a direction not to distribute the Product Disclosure Statement or Supplementary Product Disclosure Statement without first altering it in a way that is specified in the direction, being a way that corrects the deficiency and that complies with section 1015E.

[CCH Note: For s 1021J(1)(c)(iia) and (iiia), see Corporations Regulations Schedule 10BA - Modifications of the Act relating to short-form product disclosure statements, Part 3, items 3.17 and 3.18]

1021J(2)  [Regulated person's compliance with direction]  


A regulated person commits an offence if:


(a) the person is given a direction referred to in paragraph (1)(c); and


(b) the person does not comply with the direction.

1021J(3)  [Obligation to inform preparer of defective statement]  


A regulated person commits an offence if:


(a) a disclosure document or statement (not being information required by paragraph 1012G(3)(a)) has been provided to the person for distribution; and
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(b) the person becomes aware that the disclosure document or statement is defective; and


(c) the person does not take reasonable steps to notify the person by whom, or on whose behalf, the disclosure document or statement was prepared of the particulars of the deficiency.

1021J(4)  [``distributing'']  

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In this section, a reference to distributing a disclosure document or statement includes (but is not limited to) giving the document or statement to another person in purported compliance with a requirement of this Part.

1021J(5)  

(Repealed by No 141 of 2003, s 3, Sch 2[96G] (effective 18 December 2003).)

 



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