Document ID: chunk:federal_register_of_legislation:C2025C00185:section:952e:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 952E (pt 1/2)
Character Range: 3969951–3972827

952E  Giving a defective disclosure document or statement (whether or not known to be defective)

Financial services licensee gives a defective disclosure document or statement
 (1) A person (the providing entity), being a financial services licensee, contravenes this subsection if:
 (a) the providing entity:
 (i) gives (see subsection (5)) another person a disclosure document or statement (other than website disclosure information) in circumstances in which the document or statement is required by a provision of this Part to be given to the other person; or
 (ii) is a financial services licensee and gives (see subsection (5)), or makes available to, another person a disclosure document or statement, being a Financial Services Guide or a Supplementary Financial Services Guide, reckless as to whether the other person will or may rely on the information in it; or
 (iii) makes available a disclosure document or statement, being website disclosure information, in circumstances in which it is required by a provision of this Part to do so; or
 (iv) makes available on its website a disclosure document or statement, being website disclosure information, reckless as to whether a person will or may rely on the information; and
 (b) the disclosure document or statement is defective.

Authorised representative gives a defective disclosure statement or document
 (2) An authorised representative of a financial services licensee contravenes this subsection if:
 (a) the representative gives (see subsection (5)) a person a disclosure document or statement that is one of the following, in circumstances in which the document or statement is required by a provision of this Part to be given to the person:
 (i) a Statement of Advice;
 (ii) a Cash Settlement Fact Sheet;
 (iii) information, a statement or a copy of a record required by subsection 941C(5) or (7), 941D(2), 946AA(5), 946B(3), (6) or (8) or 946C(2); and
 (b) the disclosure document or statement is defective.

Exceptions
 (3) A person does not contravene subsection (1) or (2) if the person took reasonable steps to ensure that the disclosure document or statement would not be defective.
Note: In criminal proceedings, a defendant bears an evidential burden in relation to the matters in subsection (3). See subsection 13.3(3) of the Criminal Code.
 (4) A person does not contravene subsection (2) if the disclosure document or statement:
 (a) was provided to the person by a financial services licensee for whom they were, at that time, an authorised representative; or
 (b) was defective because of information, or an omission from information, provided to them by a financial services licensee for whom they were, at that time, an authorised representative.
Note: In criminal proceedings, a defendant bears an evidential burden in relation to the matters in subsection (4). See subsection 13.3(3) of