State or Territory professional standards law limits liability
(1) A professional standards law of a State or Territory applies to limit occupational liability relating to an action for contravention of section 1041H in the same way as it limits occupational liability arising under a law of the State or Territory.
Note: Section 1041H prohibits misleading or deceptive conduct by a person in relation to a financial product or financial service.
(2) However, the professional standards law applies for that purpose:
(a) only in relation to a scheme that was prescribed by the regulations at the time (the contravention time ) of the contravention; and
(b) as if the scheme were in force under that law at the contravention time in the form the scheme would have been in if:
(i) the scheme had not been amended or revoked under that law since the scheme was first prescribed; and
(ii) the modifications (if any) prescribed by the regulations at the contravention time had been made to the scheme.
Which State's or Territory's professional standards law applies?
(3) For the purposes of working out whether a professional standards law of a particular State or Territory applies under subsection (1) in relation to a particular contravention of section 1041H, choice of law rules operate in relation to the contravention in the same way as they operate in relation to a tort.
(4) In this section:
"modifications" includes additions, omissions and substitutions.
"occupation" includes profession and trade.
"occupational association" means a body:
(a) that represents the interests of persons who have the same occupation; and
(b) whose membership is limited principally to such persons.
"occupational liability" means civil liability arising directly or vicariously from anything done or omitted by a member of an occupational association in the course of his or her occupation.
"professional standards law" means a law providing for the limitation of occupational liability by reference to schemes for limiting that liability that were formulated and published in accordance with that law.