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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES    View history reference

Division 5 - Authorised representatives    View history reference

SECTION 916G  ASIC MAY GIVE LICENSEE INFORMATION ABOUT REPRESENTATIVES  

 View history reference

916G(1)  [Information may be given]  


If ASIC considers it appropriate to do so, it may give information to a financial services licensee about a person who ASIC believes is, or will be, a representative of the licensee. However, ASIC may only do so if it believes, on reasonable grounds, that the information is true.

916G(2)  [Use of information]  


A financial services licensee to whom the information is given may only make use of, make a record of, or give to another person, the information for a purpose connected with:


(a) the licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving the information; or


(b) the licensee taking action pursuant to such a decision.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

916G(3)  [Purpose of use]  


A person to whom information has been given for a purpose or purposes under subsection (2) or this subsection, may only make use of, make a record of, or give to another person, that information for that purpose or any of those purposes.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

916G(4)  [Qualified privilege]  


A person has qualified privilege in respect of an act done by the person under subsection (2) or (3).

916G(5)  [Use of information limited]  


A person to whom information is given in accordance with this section must not give any of the information to a court, or produce in a court a document that sets out some or all of the information, except:


(a) for a purpose connected with:


(i) a financial services licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving some or all of the information; or

(ii) a financial services licensee taking action pursuant to that decision; or

(iii) proving in a proceeding in that court that particular action taken by a financial services licensee in relation to the representative was taken pursuant to that decision; or


(b) in a proceeding in that court, in so far as the proceeding relates to an alleged breach of this section; or


(c) in a proceeding in respect of an ancillary offence relating to an offence based on this section; or


(d) in a proceeding about giving to a court false information some, at least, of which was the information given under this section.

916G(6)  [Interpretation]  


A reference in this section to a financial services licensee taking action in relation to a representative is a reference to the licensee:


(a) taking action by way of making, terminating or varying the terms and conditions of an agreement; or


(b) otherwise taking action in relation to an agreement;

to the extent that the agreement relates to the representative acting on behalf of the licensee.

916G(7)  [Effect of s 916G(5)]  


Subsection (5) also has the effect it would have if:


(a) a reference in it to a court were a reference to a court of an external Territory or of a country outside Australia and the external Territories; and


(b) paragraphs (5)(b) and (c) were omitted.


 



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