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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 6 - Liability of financial services licensees for representatives    View history reference

SECTION 917A  APPLICATION OF DIVISION  

 View history reference

917A(1)  [Application]  


This Division applies to any conduct of a representative of a financial services licensee:


(a) that relates to the provision of a financial service; and


(b) on which a third person (the client) could reasonably be expected to rely; and


(c) on which the client in fact relied in good faith.

917A(2)  ["within authority"]  


In this Division, a reference to a representative's conduct being within authority in relation to a particular financial services licensee is, subject to subsection (3), a reference to:


(a) if the representative is an employee of the licensee or of a related body corporate of the licensee - conduct being within the scope of the employee's employment; or


(b) if the representative is a director of the licensee or of a related body corporate of the licensee - conduct being within the scope of the director's duties as director; or


(c) in any other case - conduct being within the scope of the authority given by the licensee.

917A(3)  [Representative of more than one licensee]  


If:


(a) a person is the representative of more than one financial services licensee in respect of a particular class of financial service; and


(b) the person engages in conduct relating to that class of service; and


(ba) the conduct relates to a particular kind of financial product prescribed by regulations made for the purposes of paragraph 917C(3)(ba); and


(c) any one or more of the licensees issues or transfers a financial product of that kind as a result of the conduct;

then, for the purposes of this Division:


(d) the person is taken, in respect of the conduct, to have acted within authority in relation to the licensee or to each licensee who issued or transferred a financial product of that kind as a result of the conduct; and


(e) the person is, in respect of the conduct, taken not to have acted within authority in relation to any licensee who did not issue or transfer a financial product of that kind as a result of the conduct.


 



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