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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 1021M  OFFENCES RELATING TO KEEPING AND PROVIDING COPIES OF PRODUCT DISCLOSURE STATEMENTS (OR SUPPLEMENTARY PDSs)  

 View history reference

1021M(1)  Strict liability offence.  


A person commits an offence if:


(a) the person is required by section 1015D:


(i) to notify ASIC that a Product Disclosure Statement or a Supplementary Product Disclosure Statement is in use; or

(ii) to keep a copy of a Product Disclosure Statement or a Supplementary Product Disclosure Statement for a particular period; or

(iii) to make a copy of a Product Disclosure Statement or a Supplementary Product Disclosure Statement available to ASIC; or

(iv) to comply with a request from a person for a copy of a Product Disclosure Statement or a Supplementary Product Disclosure Statement; and


(b) the person does not comply with that requirement.

[CCH Note: For modified s 1021M(1)(a)(i), (ii), (iii) and (iv), see Corporations Regulations Schedule 10BA - Modifications of the Act relating to short-form product disclosure statements, Part 3, item 3.25]

1021M(2)  [Strict liability offence]  


An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.

1021M(3)  Ordinary offence.  


A person commits an offence if:


(a) the person is required by section 1015D:


(i) to notify ASIC that a Product Disclosure Statement or a Supplementary Product Disclosure Statement is in use; or

(ii) to keep a copy of a Product Disclosure Statement or a Supplementary Product Disclosure Statement for a particular period; or

(iii) to make a copy of a Product Disclosure Statement or a Supplementary Product Disclosure Statement available to ASIC; or

(iv) to comply with a request from a person for a copy of a Product Disclosure Statement or a Supplementary Product Disclosure Statement; and


(b) the person does not comply with that requirement.

[CCH Note: For modified s 1021M(3)(a)(i), (ii), (iii) and (iv), see Corporations Regulations Schedule 10BA - Modifications of the Act relating to short-form product disclosure statements, Part 3, item 3.26]


 



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