Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1022b:p4
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1022B (pt 4/5)
Character Range: 4542701–4545423

(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) (other than subparagraph (1)(c)(ia) or (ib)) applies; and
 (b) an alteration was made to the disclosure document or statement (not being information required by paragraph 1012G(3)(a)) 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).
 (5A) If:
 (a) paragraph (3)(aa) applies; and
 (b) the person referred to in that paragraph is not the issuer, or an authorised representative of the issuer, of the financial product to which the required disclosure document or statement relates; and
 (c) the required disclosure document or statement was defective because of information, or an omission from information, provided to that person (whether in a document or otherwise) by the issuer of the product;
the issuer of the product is the liable person, rather than the person who would otherwise be the liable person because of paragraph (3)(aa) or subsection (4).
 (6) An action under subsection (2) may be begun at any time within 6 years after the day on which the cause of action arose.
 (7) A person is not liable under subsection (2) in a situation described in paragraph (1)(c) if the person took reasonable steps to ensure that the disclosure document or statement would not be defective.
 (7A) If subsection (5A) applies, the issuer of the financial product is not liable under subsection (2) if the issuer took reasonable steps to ensure that the information provided as mentioned in paragraph (5A)(c) would not be such as to make the required disclosure document or statement defective.
 (7B) A person is not liable under subsection (2) in a situation described in subparagraph (1)(f)(iii) or (g)(ii) if the person took reasonable steps to ensure that the information would not be