Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if:
(a) either:
(i) a disclosure document or statement is defective (see subsection (11)); or
(ia) a disclosure document or statement does not comply with a requirement of this Part that it be worded and presented in a clear, concise and effective manner; or
(ii) an advertisement or statement of a kind referred to in subsection 1018A(1) or (2) that relates to financial products is defective (see subsection (11)); or
(b) an issuer of financial products is in breach of section 1017G; or
(c) information made publicly available under section 1017BA or 1017BB is defective (see subsection (11)).
(a) if paragraph (1)(a) applies--specified conduct in respect of the financial products to which the document, advertisement or statement relates; or
(b) if paragraph (1)(b) applies--specified conduct in respect of financial products issued by that issuer; or
(c) if paragraph (1)(c) applies--specified conduct in respect of the financial products or other property to which the information relates;
must not be engaged in while the order is in force.
(3) The order may include a statement that specified conduct engaged in contrary to the order will be regarded as not complying with the requirements of a specified provision of this Part.
(4) Before making an order under subsection (2), ASIC must:
(a) hold a hearing; and
(b) give a reasonable opportunity to any interested people to make oral or written submissions to ASIC on whether an order should be made.
(5) If ASIC considers that any delay in making an order under subsection (2) pending the holding of a hearing would be prejudicial to the public interest, ASIC may make an interim order under that subsection. The interim order may be made without holding a hearing and lasts for 21 days after the day on which it is made unless revoked before then.
(6) At any time during the hearing, ASIC may make an interim order under subsection (2). The interim order lasts until:
(a) ASIC makes an order under subsection (2) after the conclusion of the hearing; or
(b) the interim order is revoked;
whichever happens first.
(7) The order under subsection (2) must be in writing and must be served on:
(a) unless paragraph (b), (c) or (d) applies--the issuer of the financial products concerned; or
(b) if paragraph (1)(a) applies and the document, advertisement or statement relates to a sale or proposed sale of the financial products--the seller of the financial products; or
(c) if subparagraph (1)(a)(i) applies and the disclosure document or statement is an offer document of a kind referred to in section 1019E or a supplementary offer document of a kind referred to in section 1019J--the offeror referred to in subsection 1019D(1); or
(d) if paragraph (1)(c) applies--the person who made the information publicly available or who provided the information.
(8) The person on whom the order is served must take reasonable steps to ensure that other people who engage in conduct to which the order applies are aware of the order.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
(9) The person on whom the order is served, or a person who is aware of the order, must not engage in conduct contrary to the order.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
(10) If the person on whom the order is served, or a person who is aware of the order, engages in conduct contrary to the order, any relevant statement included in the order under subsection (3) has effect accordingly. This applies in addition to any other consequence that is provided for by this Act.
(11) In this section:
"defective" :
(a) in relation to a disclosure document or statement--has the same meaning as in Subdivision B of Division 7; and
(b) in relation to an advertisement or statement of a kind referred to in subsection 1018A(1) or (2) that relates to financial products--means:
(i) there is a misleading or deceptive statement in the advertisement or statement; or
(ii) there is an omission from the advertisement or statement of material required by paragraph 1018A(1)(c), (d) or (e), or paragraph 1018A(2)(c), (d), (e) or (f), to be included in the advertisement or statement; and
(c) in relation to information made publicly available under section 1017BA--means:
(i) the information has not been updated as required by that section; or
(ii) the information is otherwise misleading or deceptive; or
(iii) there is an omission from the information; and
(d) in relation to information made publicly available under section 1017BB--means:
(i) the information is misleading or deceptive; or
(ii) there is an omission from the information.
"disclosure document or statement" has the same meaning as it has in Subdivision B of Division 7.