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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.7 - FINANCIAL SERVICES DISCLOSURE    View history reference

Division 7 - Enforcement    View history reference

Subdivision A - Offences    View history reference

SECTION 952L  OFFENCES IF FINANCIAL SERVICES LICENSEE OR AUTHORISED REPRESENTATIVE BECOMES AWARE THAT A FINANCIAL SERVICES GUIDE (OR SUPPLEMENTARY FSG) IS DEFECTIVE  

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952L(1)  [Licensee aware FSG; Supplementary FSG defective]  


A financial services licensee commits an offence if:


(a) the licensee has authorised an authorised representative of the licensee to distribute a Financial Services Guide or a Supplementary Financial Services Guide; and


(b) the licensee becomes aware that the Financial Services Guide, or the Supplementary Financial Services Guide, is defective; and


(c) the licensee does not, as soon as practicable, give the representative a direction that satisfies one or more of the following subparagraphs:


(i) a direction not to distribute the Financial Services Guide or the Supplementary Financial Services Guide;

(ii) a direction not to distribute the Financial Services Guide unless it is accompanied by a Supplementary Financial Services Guide that corrects the deficiency;

(iii) a direction not to distribute the Financial Services Guide or the Supplementary Financial Services Guide 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 942E or 943F.

952L(2)  [Non-compliance by authorised representative]  


An authorised representative commits an offence if:


(a) the representative is given a direction under subsection (1); and


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

952L(3)  [Authorised representative's obligation to notify licensee of defect]  


An authorised representative of a financial services licensee commits an offence if:


(a) the licensee has authorised the representative to distribute a Financial Services Guide or a Supplementary Financial Services Guide; and


(b) the representative becomes aware that the Financial Services Guide, or the Supplementary Financial Services Guide, is defective; and


(c) the representative does not, as soon as practicable, notify the licensee of the particulars of the deficiency.

952L(4)  [``distributing'']  


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


 



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