“(4A) A breach constituted by a contrave“(4A) A breach constituted by a contravention of subsection 1041H(1) of this Act or subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be significant if:

“(4A) A breach constituted by a contravention of subsection 1041H(1) of this Act or subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be

  significant

  if

:

  (a) but for this subsection, the underlying circumstances in relation to the breach:
  (i) would only give rise, and would only be likely to give rise, to a single reportable situation as a result of the following:
  (A) paragraph (4)(b) in so far as it relates to a contravention of subsection 12DB(1) of the ASIC Act;
  (B) paragraph (4)(c); and
  (ii) would not give rise, and would be unlikely to give rise, to a reportable situation other than as specified in subparagraph (i); and
  (b) either:
  (i) only one person (client) is, or is likely to be impacted by the contravention
        ; or
  (ii) if the contravention relates to a financial product that is, or that is proposed to be, held by more than one person (each a client) jointly, those clients are the only persons who are, or are likely to be, impacted by the contravention; and
  (c) the contravention has not resulted in, and is unlikely to result in, any financial loss or damage to any person (for the purposes of this paragraph, financial loss or damage is to be taken into account regardless of whether it is, or will or may be, remediated).

Note: (4B)

  For the purposes of subsection (4A):

Note: (a)

  the circumstances in which there is a

  single reportable situation

  as a result of particular conduct include circumstances in which the conduct constitutes a single contravention of two or more of the following and does not otherwise give rise to a reportable situation:

Note: (i)

  subsection 1041H(1) of this Act;

Note: (ii)

  subsection 12DA(1) of the ASIC Act;

Note: (iii)

  subsection 12DB(1) of the ASIC Act; and

Note: (b)

  a person is

  impacted

  by a contravention of:

Note: (i)

  subsection 1041H(1) of this Act or subsection 12DA(1) of the ASIC Act if they are misled or deceived as a result of the contravention; and

Note: (ii)

  subsection 12DB(1) of the ASIC Act if they are the recipient of the false or misleading representation to which the contravention relates.