Document ID: chunk:federal_register_of_legislation:C2025C00185:section:953b:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 953B (pt 2/2)
Character Range: 3999173–4001297

the purposes of subsection (2), the, or a, liable person is:
 (a) if the person first‑referred to in paragraph (1)(a), (b), (ba) or (c) is a financial services licensee—subject to subsection (4), that person; or
 (b) if the person first‑referred to in paragraph (1)(a), (b), (ba) or (c) is an authorised representative of only one financial services licensee—that financial services licensee; or
 (c) if the person first‑referred to in paragraph (1)(a), (b), (ba) or (c) is an authorised representative of more than one financial services licensee:
 (i) if, under the rules in section 917C, one of those licensees is responsible for the person's conduct—that licensee; or
 (ii) if, under the rules in section 917C, 2 or more of those licensees are jointly and severally responsible for the person's conduct—each of those licensees.
 (3A) For the purposes of paragraph (3)(c):
 (a) section 917C is taken to apply, despite section 917F; and
 (b) section 917D is taken not to apply.
 (4) If:
 (a) paragraph (1)(b) or (ba) applies; and
 (b) an alteration was made to the disclosure document or statement before it was given, or made available, to the client; and
 (c) the alteration made the disclosure document or statement defective, or more defective than it would otherwise have been; and
 (d) the alteration was not made by, or with the authority of, the person who would, but for this subsection, be the liable person because of paragraph (3)(a);
then, so far as a person has suffered loss or damage because the disclosure document or statement was defective because of the alteration, the liable person is the person who made the alteration, rather than the person referred to in paragraph (d).
 (5) An action under subsection (2) may be begun at any time within 6 years after the day on which the cause of action arose.
 (6) A person is not liable under subsection (2) in a situation described in paragraph (1)(b) or (ba) if the person took reasonable steps to ensure that the disclosure document or statement would not be defective.
 (7) This section does not affect any liability that a person has under any other law.