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CORPORATIONS ACT 2001 - SECT 1021L

Offences of giving, or failing to withdraw, consent to inclusion of defective statement

             (1)  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.

             (2)  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).



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