Offences against new product disclosure provisions—additional element for prosecution to prove if conduct occurs after opting‑in and before the end of the first 2 years
(1) If: (a) conduct in relation to a financial product that would (apart from this section) constitute an offence against, or based on, any of the new product disclosure provisions occurred at a time: (i) during the period of 2 years starting on the FSR commencement; and (ii) after the date specified in a notice lodged in relation to the product in accordance with paragraph 1438(3)(b); and (b) the new product disclosure provisions started to apply in relation to the product from the date specified in the notice; the conduct constitutes an offence against that provision only if (in addition to the other elements of the offence), either: (c) the person knew that, or was reckless as to whether, the product issuer had lodged a notice under that paragraph that specified that date; or (d) the person did not know that, and was not reckless as to whether, the product issuer had lodged a notice under that paragraph that specified that date, but the conduct would have contravened the provisions referred to in section 1440 that would have applied to and in relation to the product if those provisions had still applied when the conduct occurred. (2) In this section: conduct means an act, an omission to perform an act or a state of affairs.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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