Commonwealth Consolidated Acts

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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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