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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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