Section 1021L — Corporations Act 2001 (Cth)

(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 mentioned in paragraph 1013K(1)(a); and

(b) either:

(i) there is a misleading or deceptive statement in the consented material; or

(ii) there is an omission of information from the consented material; and

(c) the statement or omission is or would be materially adverse from the point of view of a reasonable person considering whether to proceed to acquire the financial product concerned.

(2) 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 mentioned in paragraph 1013K(1)(a); and

(b) they become aware that either:

(i) there is a misleading or deceptive statement in the consented material; or

(ii) there is an omission of information from the consented material;

being a statement, or an omission, that:

(iii) is or would be materially adverse from the point of view of a reasonable person considering whether to proceed to acquire the financial product concerned; or

(iv) results in the Product Disclosure Statement or the Supplementary Product Disclosure Statement being defective, or more defective than it would otherwise be; and

(c) they do not withdraw their consent after becoming aware of the matter mentioned in paragraph (b).

Related sections

• s 1021I — Offence of giving disclosure document or statement that has not been prepared by the appropriate person
• s 1021J — Offences if preparer etc. of disclosure document or statement becomes aware that it is defective
• s 1021K — Offence of unauthorised alteration of Product Disclosure Statement (or Supplementary PDS)
• s 1021M — Offences relating to keeping and providing copies of Product Disclosure Statements (or Supplementary PDSs)
• s 1021N — Offence of failing to provide additional information requested under section 1017A
• s 1021NA — Offences relating to obligation to make product dashboard publicly available

Research how courts apply s 1021L

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.