Financial Advisers Act 2001 · 2020 Revised Edition · Part 2 · Financial Advisers and Representatives
32. False statements in relation to notification of appointed or provisional representative
Feedback & supportLast amended by an amending law of 2009.
Any principal who, in connection with the lodgment of any document under section 26 —
principal
“principal”, in relation to a representative, means a person whom the representative is in the direct employment of, is acting for or is acting by arrangement with, and on behalf of whom the representative provides or will provide any financial advisory service;
makes a statement which is false or misleading in a material particular; or
omits to state any matter or thing without which the document is misleading in a material respect,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
Any individual who, in connection with the lodgment by the individual’s principal of any document under section 26 —
makes a statement to the individual’s principal which is false or misleading in a material particular, being a statement subsequently lodged with the Authority; or
omits to state any matter or thing to the individual’s principal as a result of which the document is misleading in a material respect,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
Any person who, when required to provide any document or information to the Authority under section 23(3) or 24(4) (in relation to the application of section 23(3) to a provisional representative) —
makes a statement to the Authority which is false or misleading in a material particular; or
omits to state any matter or thing to the Authority without which the document or information is misleading in a material respect,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
A person mentioned in subsection (1), (2) or (3) shall not be guilty of an offence if the person proves that the person —
made all inquiries (if any) that were reasonable in the circumstances; and
after doing so, believed on reasonable grounds that the statement made or the omission to state the matter or thing (as the case may be) was not false or misleading.[23L