Part 3Disclosure of offers of financial products
Procedure for making regulated offers: Prohibition of offers where defective disclosure in PDS or register entry
83Persons who must inform offeror about disclosure deficiencies
A person referred to in subsection (2) must, in relation to a regulated offer, notify the offeror in writing as soon as practicable if the person becomes aware at any time before the end of the application period that—
- a material statement in the PDS, or the register entry, is false or misleading or is likely to mislead; or
- there is a material omission from the PDS, or the register entry, of information that is required to be contained in the PDS, or the register entry, by this Act or the regulations; or
- there is a material circumstance that has arisen since the PDS was lodged with the Registrar that would have been required by this Act or the regulations to be disclosed or otherwise contained in the PDS, or the register entry, if it had arisen before the PDS was lodged, and the circumstance is not so disclosed or otherwise contained in the PDS or register entry.
The persons are—
- each director of the offeror:
- each person named in the PDS or register entry with the person's consent as a proposed director of the offeror:
- the issuer (if the offeror is not the issuer) and each director of the issuer:
- a person referred to in section 60 who has consented as referred to in that section.
A person referred to in subsection (2)(d) is required to notify the offeror of matters under this section only if the matters relate to the expert statement or endorsement to which the person's consent relates.
In subsection (1), application period means the period in which applications for financial products under the PDS may be made.