Commonwealth Consolidated Acts Commonwealth Consolidated ActsObligation
(1) A financial services licensee contravenes this subsection if the licensee does not take reasonable steps to ensure that an authorised representative of the licensee:
(a) complies with their obligations under this Part to give, or make available, disclosure documents or statements as and when required; and
(b) without limiting paragraph (a), does not, in purported compliance with obligations under this Part, give, or make available, disclosure documents or statements that are defective.
Fault - based offence
(2) A person commits an offence if the person contravenes subsection (1).
Civil liability
(3) A person contravenes this subsection if the person contravenes subsection (1).
Note: This subsection is a civil penalty provision (see section 1317E).