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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 1021L  OFFENCES OF GIVING, OR FAILING TO WITHDRAW, CONSENT TO INCLUSION OF DEFECTIVE STATEMENT  

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1021L(1)  [Giving consent]  


A person commits an offence if:


(a) they consent to the inclusion of a statement (the consented material) in a Product Disclosure Statement or a Supplementary Product Disclosure Statement as mentioned in paragraph 1013K(1)(a); and


(b) either:


(i) there is a misleading or deceptive statement in the consented material; or

(ii) there is an omission of information from the consented material; and


(c) the statement or omission is or would be materially adverse from the point of view of a reasonable person considering whether to proceed to acquire the financial product concerned.

[CCH Note: For modified s 1021L(1)(a), see Corporations Regulations Schedule 10BA - Modifications of the Act relating to short-form product disclosure statements, Part 3, item 3.22]

1021L(2)  [Failing to withdraw consent]  


A person commits an offence if:


(a) they consent to the inclusion of a statement (the consented material) in a Product Disclosure Statement or a Supplementary Product Disclosure Statement as mentioned in paragraph 1013K(1)(a); and


(b) they become aware that either:


(i) there is a misleading or deceptive statement in the consented material; or

(ii) there is an omission of information from the consented material;
being a statement, or an omission, that:

(iii) is or would be materially adverse from the point of view of a reasonable person considering whether to proceed to acquire the financial product concerned; or

(iv) results in the Product Disclosure Statement or the Supplementary Product Disclosure Statement being defective, or more defective than it would otherwise be; and


(c) they do not withdraw their consent after becoming aware of the matter mentioned in paragraph (b).

[CCH Note: For modified s 1021L(2)(a) and (b)(iv), see Corporations Regulations Schedule 10BA - Modifications of the Act relating to short-form product disclosure statements, Part 3, items 3.23 and 3.24]


 



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