Review a communication for misleading or deceptive conduct about a financial product or service
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- List each statement in the communication, the financial product or financial service it concerns, and any dealing, issue, notice, offer or negotiation the communication sits in. Quote the words. Do not say the conduct is misleading or likely to mislead. Do not apply subsection (3) or (4) to take the conduct outside the section.
- What the lawyer must review
- Decide whether section 1041H is contravened. A person must not, in this jurisdiction, engage in conduct in relation to a financial product or a financial service that is misleading or deceptive or is likely to mislead or deceive. Failure to comply is not an offence. It may lead to civil liability under section 1041I. Subsection (2) says conduct in relation to a financial product includes dealing in the product, and includes issuing it, publishing a notice about it, and the other acts the subsection lists. Subsections (3) and (4) say specified conduct, including conduct that contravenes sections 670A, 728, 738Y, 1021NA or 1021NB, conduct in relation to certain disclosure documents, and certain continuous-disclosure conduct, does not contravene subsection (1). Read those subsections and Division 4 before concluding. The lawyer also considers section 12DA of the ASIC Act where the conduct is in trade or commerce in relation to financial services. That is a separate check.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | List each statement in the communication, the financial product or financial service it concerns, and any dealing, issue, notice, offer or negotiation the communication sits in. Quote the words. Do not say the conduct is misleading or likely to mislead. Do not apply subsection (3) or (4) to take the conduct outside the section. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Quote the communication. Do not paraphrase it into something safer.
- Record the product or service. Do not assume every sentence is in relation to one.
- Do not apply the subsection (3) or (4) carve-out. The lawyer reads it.
- Do not describe the result as an offence. The section says it is not an offence.
Sources
- Corporations Act 2001 (Cth), section 1041H · 2026-10-22
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.