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CORPORATIONS ACT 2001 - SECT 952L

Offences if financial services licensee or authorised representative becomes aware that a Financial Services Guide (or Supplementary FSG) is defective

  (1)   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.

  (2)   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.

  (3)   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.

  (4)   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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