Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_952l
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 952L
Character Range: 435370–437529

952L  Offences if financial services licensee or authorised representative becomes aware that a Financial Services Guide (or Supplementary FSG) is defective

 (1) A financial services licensee commits an offence if:
 (a) the licensee has authorised an authorised representative of the licensee to distribute a Financial Services Guide or a Supplementary Financial Services Guide; and
 (b) the licensee becomes aware that the Financial Services Guide, or the Supplementary Financial Services Guide, is defective; and
 (c) the licensee does not, as soon as practicable, give the representative a direction that satisfies one or more of the following subparagraphs:
 (i) a direction not to distribute the Financial Services Guide or the Supplementary Financial Services Guide;
 (ii) a direction not to distribute the Financial Services Guide unless it is accompanied by a Supplementary Financial Services Guide that corrects the deficiency;
 (iii) a direction not to distribute the Financial Services Guide or the Supplementary Financial Services Guide without first altering it in a way that is specified in the direction, being a way that corrects the deficiency and that complies with section 942E or 943F.

 (2) An authorised representative commits an offence if:
 (a) the representative is given a direction under subsection (1); and
 (b) the representative does not comply with the direction.

 (3) An authorised representative of a financial services licensee commits an offence if:
 (a) the licensee has authorised the representative to distribute a Financial Services Guide or a Supplementary Financial Services Guide; and
 (b) the representative becomes aware that the Financial Services Guide, or the Supplementary Financial Services Guide, is defective; and
 (c) the representative does not, as soon as practicable, notify the licensee of the particulars of the deficiency.

 (4) In this section, a reference to distributing a Financial Services Guide or a Supplementary Financial Services Guide includes (but is not limited to) giving or reading the document or statement to another person in purported compliance with a requirement of this Part.