Part 3Disclosure of offers of financial products
Procedure for making regulated offers: Offering financial products in entity that does not exist
88Offering financial products of entity that does not exist
A person must not offer financial products of an entity that has not been formed or does not exist if the offer would be a regulated offer if the entity did exist.
Subsection (1) applies even if it is proposed to form or incorporate the entity.
A person who contravenes this section commits an offence if the person knows that the offer would be a regulated offer if the entity did exist.
A person who commits an offence under this section is liable on conviction,—
- in the case of an individual, to imprisonment for a term not exceeding 3 years, a fine not exceeding $200,000, or both; and
- in any other case, to a fine not exceeding $600,000.