Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 1021E — Preparer of defective disclosure document or statement giving the document or statement (whether or not known to be defective)
Obligations (1) A person contravenes this subsection if: (a) the person prepares (or has someone else prepare for them) a disclosure document or statement (not being information required by paragraph…
Section 1021F — Offence of regulated person (other than preparer) giving disclosure document or statement knowing it to be defective
(1) A regulated person commits an offence if: (a) another person prepares (or has someone else prepare for them) a disclosure document or statement (not being information required by paragraph…
Section 1021G — Financial services licensee failing to ensure authorised representative gives etc. disclosure documents or statements as required
Financial services licensee must ensure authorised representative gives etc. disclosure documents or statements as required (1) A financial services licensee contravenes this subsection if the…
Section 1021H — Offences if a Product Disclosure Statement (or Supplementary PDS) does not comply with certain requirements
(1) A person commits an offence if: (a) the person prepares (or has someone else prepare for them) a Product Disclosure Statement, a Supplementary Product Disclosure Statement or a Replacement…
Section 1021I — Offence of giving disclosure document or statement that has not been prepared by the appropriate person
(1) A regulated person commits an offence if: (a) the regulated person: (i) gives (see subsection (2)) another person a disclosure document or statement (not being information required by paragraph…
Section 1021J — Offences if preparer etc. of disclosure document or statement becomes aware that it is defective
(1) A person commits an offence if: (a) the person prepares (or has someone else prepare for them) a disclosure document or statement (not being information required by paragraph 1012G(3)(a)); and…
Section 1021K — Offence of unauthorised alteration of Product Disclosure Statement (or Supplementary PDS)
(1) A person commits an offence if: (a) the person engages in conduct that results in an alteration of a Product Disclosure Statement or a Supplementary Product Disclosure Statement that has been…
Section 1021L — Offences of giving, or failing to withdraw, consent to inclusion of defective statement
(1) A person commits an offence if: (a) they consent to the inclusion of a statement (the consented material) in a Product Disclosure Statement or a Supplementary Product Disclosure Statement as…
Section 1021M — Offences relating to keeping and providing copies of Product Disclosure Statements (or Supplementary PDSs)
Strict liability offence (1) A person commits an offence if: (a) the person is required by section 1015D: (i) to notify ASIC that a Product Disclosure Statement or a Supplementary Product Disclosure…
Section 1021N — Offence of failing to provide additional information requested under section 1017A
A person (the responsible person) commits an offence if: (a) a request is made to them by another person, in accordance with subsection 1017A(1), to provide further information about a financial…
Section 1021O — Offences of issuer or seller of financial product failing to pay money into an account as required
Strict liability offence (1) An issuer or seller of financial products commits an offence if: (a) the issuer or seller is required by subsection 1017E(2) to pay particular money into an account in…
Section 1021P — Offences relating to offers to which Division 5A applies
Failure to comply with requirements of section 1019E relating to how offers are made (1) A person commits an offence if: (a) the person makes an offer; and (b) the offer is an offer to which Division…
Section 1022A — Meaning of defective and disclosure document or statement
(1) In this Subdivision: defective, in relation to a disclosure document or statement, means: (a) there is a misleading or deceptive statement in the disclosure document or statement; or (b) if it is…
Section 1022B — Civil action for loss or damage
(1) This section applies in the following situations: (a) a person: (i) is required by a provision of this Part to give another person (the client) a Product Disclosure Statement or a Supplementary…
Section 1022C — Additional powers of court to make orders
(1) The court dealing with an action under subsection 1022B(2) may, in addition to awarding loss or damage under that subsection and if it thinks it necessary in order to do justice between the…
Section 1023A — Object
The object of this Part is to provide ASIC with powers that it can use proactively to reduce the risk of significant detriment to retail clients resulting from financial products.
Section 1023B — Meaning of financial product—Part 7.9A
In this Part, financial product: (a) includes a financial product within the meaning of Division 2 of Part 2 of the ASIC Act; but (b) does not include: (i) a financial product issued, or offered for…
Section 1023C — Application of product intervention orders
(1) A product intervention order does not apply to a financial product held by a person if the person acquired, or entered into a contract for the acquisition of, the product before the order comes…
Section 1023D — ASIC may make product intervention orders
Making product intervention orders (1) Subject to subsection (5), if ASIC is satisfied that a financial product: (a) is, or is likely to be, available for acquisition by issue, or for regulated sale,…
Section 1023E — Significant detriment to retail clients
(1) In considering whether a financial product has resulted in, or will or is likely to result in, significant detriment to retail clients for the purposes of this Part, the following must be taken…
Section 1023F — ASIC to consult before making product intervention orders
(1) ASIC must not make a product intervention order unless ASIC has: (a) consulted persons who are reasonably likely to be affected by the proposed order; and (b) if the proposed order will apply to…
Section 1023G — Commencement and duration of product intervention orders
Commencement of product intervention orders (1) A product intervention order comes into force: (a) for an order that is a legislative instrument—on the day after the instrument is registered under…
Section 1023H — Extension of product intervention orders
(1) ASIC may, in accordance with an approval under subsection (4), by legislative instrument, declare that a product intervention order that is in force: (a) remains in force until it is revoked; or…
Section 1023J — Amendment of product intervention orders
(1) Subject to this section, ASIC may, in writing, amend a product intervention order that is in force. Requirements before amending product intervention orders (2) If a declaration under section…
Section 1023K — Revocation of product intervention orders
(1) Subject to this section, ASIC may, in writing, revoke a product intervention order. Requirements for revocation of product intervention orders (2) If a declaration under section 1023H is in force…
Section 1023L — ASIC to issue public notice of product intervention orders
Product intervention orders (1) ASIC must serve a copy of a product intervention order that is not a legislative instrument on any person to whom ASIC considers the order applies. Failure to comply…
Section 1023M — Remaking product intervention orders
If a product intervention order ceases to be in force or is revoked, ASIC must not remake the order, or make an order in substantially the same terms, unless: (a) ASIC is satisfied the circumstances…
Section 1023N — Product intervention orders may require notification
(1) A product intervention order in relation to a financial product may: (a) require that a specified person who has: (i) dealt in, or dealt in a specified way in, a financial product in relation to…
Section 1023P — Enforcement of product intervention orders
(1) A person must not engage in conduct contrary to a product intervention order that is in force in relation to the person. Note 1: Failure to comply with this subsection is an offence (see…
Section 1023Q — Civil liability
(1) If: (a) a person (the first person) contravenes a product intervention order; and (b) a retail client suffers loss or damage because of the contravention; the retail client may recover the amount…
Section 1023R — Additional powers of court to make orders
(1) The Court dealing with an action under subsection 1023Q(1) may, in addition to awarding loss or damage under that subsection and if it thinks it necessary in order to do justice between the…
Section 1023S — Avoidance schemes—prohibition
General prohibition (1) A person must not, either alone or with others, engage in any of the following conduct: (a) enter into a scheme; (b) begin to carry out a scheme; (c) carry out a scheme; if,…
Section 1023T — Avoidance schemes—presumption of avoidance for certain schemes in civil cases
(1) For the purposes of subsection 1023S(1), (2), (3) or (4), it is reasonable to conclude, unless the contrary is proved, that a person entered into or carried out a scheme for the purpose of…
Section 1023U — Avoidance schemes—exemption by ASIC
(1) ASIC may, by legislative instrument, exempt a scheme, or class of schemes, from all or specified provisions of section 1023S. (2) The exemption may apply subject to any specific conditions…
Section 1040A — Content of Part
This Part deals in Division 2 with various kinds of prohibited conduct, other than insider trading. The insider trading prohibitions are contained in Division 3.
Section 1040B — Treat certain instruments as if they were financial products and Division 3 financial products
(1) This Part applies to bank accepted bills, and to negotiable certificates of deposit, as if they were: (a) financial products; and (b) Division 3 financial products. (2) If a term used in this…
Section 1041A — Market manipulation
A person must not take part in, or carry out (whether directly or indirectly and whether in this jurisdiction or elsewhere): (a) a transaction that has or is likely to have; or (b) 2 or more…
Section 1041B — False trading and market rigging—creating a false or misleading appearance of active trading etc.
(1) A person must not do, or omit to do, an act (whether in this jurisdiction or elsewhere) if that act or omission has or is likely to have the effect of creating, or causing the creation of, a…
Section 1041C — False trading and market rigging—artificially maintaining etc. trading price
(1) A person must not (whether in this jurisdiction or elsewhere) enter into, or engage in, a fictitious or artificial transaction or device if that transaction or device results in: (a) the price…
Section 1041D — Dissemination of information about illegal transactions
A person must not (whether in this jurisdiction or elsewhere) circulate or disseminate, or be involved in the circulation or dissemination of, any statement or information to the effect that the…
Section 1041E — False or misleading statements
(1) A person must not (whether in this jurisdiction or elsewhere) make a statement, or disseminate information, if: (a) the statement or information is false in a material particular or is materially…
Section 1041F — Inducing persons to deal
(1) A person must not, in this jurisdiction, induce another person to deal in financial products: (a) by making or publishing a statement, promise or forecast if the person knows, or is reckless as…
Section 1041G — Dishonest conduct
A person must not, in the course of carrying on a financial services business in this jurisdiction, engage in dishonest conduct in relation to a financial product or financial service. Note 1:…
Section 1041H — Misleading or deceptive conduct (civil liability only)
(1) A person must not, in this jurisdiction, engage in conduct, in relation to a financial product or a financial service, that is misleading or deceptive or is likely to mislead or deceive. Note 1:…
Section 1041I — Civil action for loss or damage for contravention of sections 1041E to 1041H
(1) A person who suffers loss or damage by conduct of another person that was engaged in in contravention of section 1041E, 1041F, 1041G or 1041H may recover the amount of the loss or damage by…
Section 1041J — Sections of this Division have effect independently of each other
Subject to any express provision to the contrary, the various sections in this Division have effect independently of each other, and nothing in any of the sections limits the scope or application of…
Section 1041K — Division applies to certain conduct to the exclusion of State Fair Trading Acts provisions
(1) This section applies to conduct: (a) that contravenes: (i) section 670A (misleading or deceptive takeover document); or (ii) section 728 (misleading or deceptive fundraising document); or (iia)…
Section 1041L — Application of Division
(1) This Division applies to a claim (an apportionable claim) if the claim is a claim for damages made under section 1041I for: (a) economic loss; or (b) damage to property; caused by conduct that…
Section 1041M — Certain concurrent wrongdoers not to have benefit of apportionment
(1) Nothing in this Division operates to exclude the liability of a concurrent wrongdoer (an excluded concurrent wrongdoer) in proceedings involving an apportionable claim if: (a) the concurrent…
Section 1041N — Proportionate liability for apportionable claims
(1) In any proceedings involving an apportionable claim: (a) the liability of a defendant who is a concurrent wrongdoer in relation to that claim is limited to an amount reflecting that proportion of…