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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 1021NC  OFFENCES RELATING TO OBLIGATIONS UNDER SECTIONS 1017BC, 1017BD AND 1017BE  

 View history reference

Failure to notify

1021NC(1)  

A person commits an offence if:


(a) the person is required to notify another person under subsection 1017BC(2) or (4) or section 1017BD or 1017BE; and


(b) the person does not notify, and is not taken to have notified, the other person as required by that provision.

Failure to provide information

1021NC(2)  

A person commits an offence if:


(a) the person is required to provide another person with information under subsection 1017BC(3); and


(b) the person does not provide the other person with the information as required by that subsection.

Information provided known to be defective

1021NC(3)  

A person commits an offence if:


(a) the person:


(i) notifies another person of information as required by subsection 1017BC(2) or (4) or section 1017BD or 1017BE; or

(ii) provides information (whether in a document or otherwise) to another person as required by subsection 1017BC(3); and


(b) the person knows that:


(i) the information provided is misleading or deceptive; or

(ii) there is an omission from the information provided.

Information provided defective

1021NC(4)  

A person commits an offence if:


(a) the person:


(i) notifies another person of information as required by subsection 1017BC(2) or (4) or section 1017BD or 1017BE; or

(ii) provides information (whether in a document or otherwise) to another person as required by subsection 1017BC(3); and


(b) either:


(i) the information provided is misleading or deceptive; or

(ii) there is an omission from the information provided.

1021NC(5)  

For the purposes of an offence based on subsection (4), strict liability applies to the physical element of the offence specified in subparagraph (4)(b)(i) or (ii).

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

Defences

1021NC(6)  

In any proceedings against a person for an offence based on subparagraph (3)(b)(ii) or (4)(b)(ii), it is a defence if:


(a) the person took reasonable steps to ensure that there would not be an omission from the information provided; or


(b) both of the following apply:


(i) the information was omitted because it would have been misleading or deceptive;

(ii) the person took reasonable steps to obtain information that would not have been misleading or deceptive.

Note: A defendant bears an evidential burden in relation to the matters in subsection (6). See subsection 13.3(3) of the Criminal Code.

1021NC(7)  

In any proceedings against a person for an offence based on subparagraph (4)(b)(i), it is a defence if the person took reasonable steps to ensure that the information provided would not be misleading or deceptive.

Note: A defendant bears an evidential burden in relation to the matters in subsection (7). See subsection 13.3(3) of the Criminal Code.


 



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