Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 925A — Client may give notice of rescission
(1) Subject to this section, the client may, whether before or after completion of the agreement, give to the non-licensee a written notice stating that the client wishes to rescind the agreement.…
Section 925B — Effect of notice under section 925A
A notice given under section 925A rescinds the agreement unless rescission of the agreement would prejudice a right, or an estate in property, acquired by a person (other than the non-licensee) in…
Section 925C — Client may apply to Court for partial rescission
(1) If the client gives a notice under section 925A but the notice does not rescind the agreement because rescission of it would prejudice a right or estate of the kind referred to in section 925B,…
Section 925D — Court may make consequential orders
(1) Subject to subsection (2), on rescission of the agreement under section 925B, the Court, on the application of the client or the non-licensee, may make such order or orders as it would have power…
Section 925E — Agreement unenforceable against client
(1) This section: (a) applies while both of the following are the case: (i) the client is entitled to give a notice under section 925A; (ii) a notice so given will result under section 925B in…
Section 925F — Non-licensee not entitled to recover commission
(1) Without limiting the generality of section 925E, this section: (a) applies while the client is entitled to give a notice under section 925A; and (b) applies after the client so gives a notice,…
Section 925G — Onus of establishing non-application of section 925E or 925F
For the purposes of determining, in a proceeding in a court, whether or not the non-licensee is, or was at a particular time, entitled as mentioned in subsection 925E(2) or 925F(2), it is to be…
Section 925H — Client may recover commission paid to non-licensee
(1) Without limiting the generality of section 925D, if the client gives a notice under section 925A, the client may, even if the notice does not result under section 925B in rescission of the…
Section 925I — Remedies under this Division additional to other remedies
The client’s rights and remedies under this Division are additional to, and do not prejudice, any other right or remedy of the client.
Section 926A — Exemptions and modifications by ASIC
(1) The provisions to which this section applies are all provisions of this Part other than Divisions 4 and 8. (2) ASIC may: (a) exempt a person or class of persons from all or specified provisions…
Section 926B — Exemptions and modifications by regulations
(1) The regulations may: (a) exempt a person or class of persons from all or specified provisions of this Part; or (b) exempt a financial product or a class of financial products from all or…
Section 940A — How Part applies if a financial services licensee is acting as authorised representative
If a financial services licensee is, in providing a financial service, acting as the authorised representative of another financial services licensee (see section 916E), this Part applies to the…
Section 940B — What if there is no reasonable opportunity to give a document, information or statement required by this Part?
(1) If: (a) apart from this section, a person (the providing entity) would be required by a provision of this Part to give another person (the client) a particular document (for example, a Financial…
Section 940C — How documents, information and statements are to be given
(1) For the purposes of this Part (unless a contrary intention appears), a Financial Services Guide, a Supplementary Financial Services Guide, a Statement of Advice or a Cash Settlement Fact Sheet is…
Section 940D — General approach to offence provisions
Subdivision A of Division 7 contains provisions creating offences by reference to various rules contained in Divisions of this Part. However, it does not create all the offences relating to those…
Section 941A — Obligation on financial services licensee to give a Financial Services Guide if financial service provided to person as a retail client
(1) A financial services licensee (the providing entity) must give a person a Financial Services Guide in accordance with this Division if the providing entity provides a financial service to the…
Section 941B — Obligation on authorised representative to give a Financial Services Guide if financial service provided to person as a retail client
(1) An authorised representative (the providing entity) of a financial services licensee (the authorising licensee), or of 2 or more financial services licensees (the authorising licensees), must…
Section 941C — Situations in which a Financial Services Guide is not required
Client has already received the information (1) The providing entity does not have to give the client a Financial Services Guide (the new FSG) if the client has already received a Financial Services…
Section 941D — Timing of giving Financial Services Guide
General rule (1) Subject to this section, the Financial Services Guide must be given to the client as soon as practicable after it becomes apparent to the providing entity that the financial service…
Section 941E — Information must be up to date
(1) The information in the Financial Services Guide must be up to date as at the time when it is given to the client. (2) However, if the Financial Services Guide is given to the client under…
Section 941F — Obligation to give updated Financial Services Guide
If: (a) the Financial Services Guide is given to the client before the financial service is provided; and (b) the following conditions are satisfied: (i) there is a change in circumstances before the…
Section 942A — Title of Financial Services Guide
(1) The title “Financial Services Guide” must be used on the cover of, or at or near the front of, a Financial Services Guide. (2) In any other part of a Financial Services Guide, “Financial Services…
Section 942DA — Combining a Financial Services Guide and a Product Disclosure Statement in a single document
(1) A Financial Services Guide and a Product Disclosure Statement may be combined in a single document (a combined FSG and PDS) in circumstances specified in regulations made for the purposes of this…
Section 942B — Financial Services Guide given by financial services licensee—main requirements
(1) This section applies if the providing entity is a financial services licensee. (2) Subject to subsection (3) and to the regulations (see subsection (4)), the Financial Services Guide must include…
Section 942C — Financial Services Guide given by authorised representative—main requirements
(1) This section applies if the providing entity is an authorised representative. (2) Subject to subsection (3) and to the regulations (see subsection (4)), the Financial Services Guide must include…
Section 942D — Financial Services Guide may consist of 2 or more separate documents given at same time
(1) Subject to this section, a Financial Services Guide may be made up of 2 or more separate documents that are given at the same time. (2) Each of the documents must have on the cover of the…
Section 942E — Altering a Financial Services Guide after its preparation and before giving it to a person
A financial services licensee, or an authorised representative of a financial services licensee, must not, in purported compliance with a provision of this Part, give a person a Financial Services…
Section 943A — What a Supplementary Financial Services Guide is
(1) A Supplementary Financial Services Guide is a document by which a person who has prepared a Financial Services Guide (the FSG) can: (a) correct a misleading or deceptive statement in the FSG; or…
Section 943B — Title of Supplementary Financial Services Guide
(1) The title “Supplementary Financial Services Guide” must be used on the cover of, or at or near the front of, a Supplementary Financial Services Guide. (2) In any other part of a Supplementary…
Section 943C — Form of Supplementary Financial Services Guide
(1) At the beginning of a Supplementary Financial Services Guide there must be: (a) a statement that it is a Supplementary Financial Services Guide; and (b) an identification of the Financial…
Section 943D — Effect of giving a person a Supplementary Financial Services Guide
If: (a) a person is given a Financial Services Guide (the FSG); and (b) at the same time, or later, they are given a Supplementary Financial Services Guide (the SFSG) that supplements the FSG; the…
Section 943E — Situation in which only a Supplementary Financial Services Guide need be given
If: (a) apart from this section, a person (the providing entity) would be required to give another person (the client) a Financial Services Guide (the new FSG); and (b) the client has, because of…
Section 943F — Altering a Supplementary Financial Services Guide after its preparation and before giving it to a person
A financial services licensee, or an authorised representative of a financial services licensee, must not, in purported compliance with a provision of this Part, give a person a Supplementary…
Section 943G — Obligation on financial services licensee to make website disclosure information available
(1) A financial services licensee (the providing entity) must make website disclosure information available on its website in accordance with this Division if the providing entity provides financial…
Section 943H — Obligation on authorised representative to make website disclosure information available
(1) An authorised representative (the providing entity) of a financial services licensee (the authorising licensee), or of 2 or more financial services licensees (the authorising licensees), must…
Section 943J — Meaning of website disclosure information
Website disclosure information, in relation to a financial services licensee or an authorised representative of a financial services licensee, means the statements and information: (a) in the case of…
Section 943K — Website disclosure information must be readily accessible
(1) This section applies if the providing entity makes website disclosure information, or something purporting to be website disclosure information, available on its website. (2) The providing entity…
Section 943L — Website disclosure information must be kept up to date
(1) This section applies if the providing entity makes website disclosure information, or something purporting to be website disclosure information, available on its website. (2) The providing entity…
Section 943M — Altering website disclosure information after it has been made available
A financial services licensee, or an authorised representative of a financial services licensee, must not, in purported compliance with a provision of this Part, alter website disclosure information…
Section 943N — Record of advice must be provided in certain circumstances
If: (a) the website disclosure information includes a statement to the effect that a client may request a record of further market-related advice or advice to which subsection 946B(7) applies; and…
Section 944A — Situation in which Division applies
This Division applies in relation to the provision of personal advice (the advice) in the following circumstances: (a) the advice is provided: (i) by a financial services licensee (the providing…
Section 946A — Obligation to give client a Statement of Advice
(1) The providing entity must give the client a Statement of Advice in accordance with this Subdivision and Subdivision D. (2) The Statement of Advice may be: (a) the means by which the advice is…
Section 946AA — Small investments—Statement of Advice not required
Small investments generally (1) The providing entity does not have to give the client a Statement of Advice for particular advice (the small investment advice) if: (a) both of the following apply:…
Section 946B — Other situations in which a Statement of Advice is not required
Further market-related advice (1) The providing entity does not have to give the client a Statement of Advice for particular advice (the further market-related advice) if: (a) the providing entity is…
Section 946C — Timing of giving Statement of Advice
General rule (1) Subject to this section, if the Statement of Advice is not the means by which the advice is provided, the Statement of Advice must be given to the client when, or as soon as…
Section 947A — Title of Statement of Advice
(1) The title “Statement of Advice” must be used on the cover of, or at or near the front of, a Statement of Advice. (2) In any other part of a Statement of Advice, “Statement of Advice” may be…
Section 947B — Statement of Advice given by financial services licensee—main requirements
(1) This section applies if the providing entity is a financial services licensee. (2) Subject to subsection (3) and to the regulations (see subsection (4)), the Statement of Advice must include the…
Section 947C — Statement of Advice given by authorised representative—main requirements
(1) This section applies if the providing entity is an authorised representative. (2) Subject to subsection (3) and to the regulations (see subsection (4)), the Statement of Advice must include the…
Section 947D — Additional requirements when advice recommends replacement of one product with another
(1) This section applies (subject to subsection (4)) if the advice is or includes a recommendation that: (a) the client dispose of, or reduce the client’s interest in, all or part of a particular…
Section 947E — Statement of Advice not to be combined with Financial Services Guide or Product Disclosure Statement
A Statement of Advice must not be combined in a single document with a Financial Services Guide or a Product Disclosure Statement.