Document ID: chunk:federal_register_of_legislation:C2004A01226:clause:2_1021fb:p2
Version: federal_register_of_legislation:C2004A01226
Segment Type: clause
Provision Reference: sch 2 cl 1021FB (pt 2/2)
Character Range: 84815–86877

a defence if the issuer took reasonable steps to ensure that the information they provided would not be such as to make the information communicated for the purpose of paragraph 1012G(3)(a) defective.

Note: A defendant bears an evidential burden in relation to the matters in subsection (5). See subsection 13.3(3) of the Criminal Code.

Product issuer does not provide all the required information

 (6) The issuer of a financial product commits an offence if:
 (a) the issuer provides information (whether in a document or otherwise) relating to the product to a person:
 (i) for the purpose of it being communicated under paragraph 1012G(3)(a); or
 (ii) knowing that it is likely that it will be so communicated; and
 (b) the provided information relates to a matter or matters, but it is not all of the information relating to the matter or matters that is required to be so communicated; and
 (c) the person communicates information for the purpose of paragraph 1012G(3)(a) on the basis that the provided information is all the information relating to the matter or matters that is required to be so communicated; and
 (d) the information communicated is defective because it includes only that information about the matter or matters (whether or not it is also defective for other reasons).

 (7) For the purposes of an offence based on subsection (6), strict liability applies to the physical elements of the offence specified in paragraphs (6)(b) and (d).

Note: For strict liability, see section 6.1 of the Criminal Code.

Defence to subsection (6) offence

 (8) In any proceedings against the issuer of a financial product for an offence based on subsection (6), it is a defence if the issuer took reasonable steps to ensure that the information they provided about the matter or matters would be all the information about the matter or matters that would be required by paragraph 1012G(3)(a) to be communicated.

Note: A defendant bears an evidential burden in relation to the matters in subsection (8). See subsection 13.3(3) of the Criminal Code.