Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1021l
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1021L
Character Range: 4516108–4517697

1021L  Offences of giving, or failing to withdraw, consent to inclusion of defective statement
 (1) A person commits an offence if:
 (a) they consent to the inclusion of a statement (the consented material) in a Product Disclosure Statement or a Supplementary Product Disclosure Statement as mentioned in paragraph 1013K(1)(a); and
 (b) either:
 (i) there is a misleading or deceptive statement in the consented material; or
 (ii) there is an omission of information from the consented material; and
 (c) the statement or omission is or would be materially adverse from the point of view of a reasonable person considering whether to proceed to acquire the financial product concerned.
 (2) A person commits an offence if:
 (a) they consent to the inclusion of a statement (the consented material) in a Product Disclosure Statement or a Supplementary Product Disclosure Statement as mentioned in paragraph 1013K(1)(a); and
 (b) they become aware that either:
 (i) there is a misleading or deceptive statement in the consented material; or
 (ii) there is an omission of information from the consented material;
  being a statement, or an omission, that:
 (iii) is or would be materially adverse from the point of view of a reasonable person considering whether to proceed to acquire the financial product concerned; or
 (iv) results in the Product Disclosure Statement or the Supplementary Product Disclosure Statement being defective, or more defective than it would otherwise be; and
 (c) they do not withdraw their consent after becoming aware of the matter mentioned in paragraph (b).