Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12DG

  (1)   A person must not, in trade or commerce, advertise financial services for supply at a specified price, if there are reasonable grounds, of which the person is aware or ought reasonably to be aware, for believing that the person will not be able to offer for supply those services at that price:

  (a)   for a period that is; and

  (b)   in quantities that are;

reasonable having regard to the nature of the market in which the person carries on business and the nature of the advertisement.

Note:   Failure to comply with this subsection is an offence (see section   12GB).

  (2)   A person that has, in trade or commerce, advertised financial services for supply at a specified price must offer such services for supply at that price:

  (a)   for a period that is; and

  (b)   in quantities that are;

reasonable having regard to the nature of the market in which the person carries on business and the nature of the advertisement.

Note:   Failure to comply with this subsection is an offence (see section   12GB).

  (2A)   An offence under subsection   12GB(1) relating to subsection   (1) or (2) of this section is an offence of strict liability.

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

  (3)   In a prosecution of a person under Subdivision G (sections   12GA to 12GO) in relation to a failure to offer financial services to a person (the customer ) in accordance with subsection   (2), it is a defence if the person establishes that:

  (a)   it offered to supply, or to procure an alternative supplier to supply, services of the kind advertised to the customer within a reasonable time, in a reasonable quantity and at the advertised price; or

  (b)   it offered to supply immediately, or to procure an alternative supplier to supply within a reasonable time, equivalent services to the customer in a reasonable quantity and at the price at which the first - mentioned services were advertised;

and, in either case, if the offer was accepted by the customer, the person has so supplied, or procured an alternative supplier to supply, services.

Note:   A defendant bears a legal burden in relation to the matters in subsection   (3), see section   13.4 of the Criminal Code .