Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_1022b:p2
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 1022B (pt 2/3)
Character Range: 681677–684448

of the contravention referred to in that paragraph;
the person may recover the amount of the loss or damage by action against the, or a, liable person (see subsections (3) to (5)), whether or not that person (or anyone else) has been convicted of an offence in respect of the matter referred to in paragraph (a), (b), (c), (d) or (e).

 (3) For the purposes of subsection (2), the, or a, liable person is:
 (a) if paragraph (1)(a) or (b) applies—subject to subsection (4), the person first‑referred to in that paragraph; or
 (b) if paragraph (1)(c) applies—subject to subsection (5):
 (i) the person by whom, or on whose behalf, the disclosure document or statement was prepared; and
 (ii) each other person involved in the preparation of the disclosure document or statement who, directly or indirectly, caused the disclosure document or statement to be defective or contributed to it being defective; or
 (c) if paragraph (1)(d) applies—the person who gave the consent; or
 (d) if paragraph (1)(e) applies—the person who contravened the provision concerned.

 (4) If paragraph (1)(a) or (b) applies and the person who would, but for this subsection, be the liable person is an authorised representative, the authorised representative is not the liable person and the following paragraphs apply:
 (a) if the authorised representative is an authorised representative of only one financial services licensee—that financial services licensee is the liable person;
 (b) if the authorised representative 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 is the (or a) liable person; 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 is a liable person.

 (4A) For the purposes of paragraph (4)(b):
 (a) section 917C is taken to apply, despite section 917F; and
 (b) section 917D is taken not to apply.

 (5) If:
 (a) paragraph (1)(c) applies; and
 (b) an alteration was made to the disclosure document or statement before it was given 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 a liable person because of subparagraph (3)(b)(i);
then, so far as a person has suffered loss or damage because the disclosure document or statement was defective because of the alteration, the person who made the alteration is a liable person, rather than the person referred to in paragraph (d).

 (6) An action under