Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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, a Supplementary Financial Services Guide or website disclosure information; and
(b) the licensee becomes aware that the Financial Services Guide, the Supplementary Financial Services Guide, or the website disclosure information 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; or
(iv) a direction to alter the website disclosure information on its website in a way that is specified in the direction, being a way that corrects the deficiency and that complies with section 943M.
(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, a Supplementary Financial Services Guide or website disclosure information; and
(b) the representative becomes aware that the Financial Services Guide, the Supplementary Financial Services Guide, or the website disclosure information 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, a Supplementary Financial Services Guide or website disclosure information includes (but is not limited to) giving, reading or making available the document or statement to another person in purported compliance with a requirement of this Part.