Misleading statements prohibition: offer documents and advertisements must not be false; directors may face liability absent reasonable belief. Offer documents and advertisements for collective investment schemes must not contain statements or opinions that are incorrect, false or misleading. If such material includes an incorrect, false or misleading statement or opinion, every director of the Collective Investment Management Company at the time of issue and every person who has issued the offer document is punishable under the Act unless they prove the statement was immaterial or they had reasonable grounds to believe it was true when issued.