4.    Members Roles and Conduct

 

4.5    Laws that apply to Elected Members

The following explanations are provided solely as a guide, Elected Members and the public should seek independent legal advice if they need further information.

 

4.5.6    Financial Markets Conduct Act 2013

 

 

The Financial Markets Conduct Act 2013 essentially places elected members in the same position as company directors whenever the Council offers financial products (such as an issue of debt or equity securities). Elected members may be personally liable if documents that are registered under this Act such as a product disclosure statement contain false or misleading statements. Elected members may also be liable if the requirements of this Act are not met in relation to offers of financial products.