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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 917D  

917D  EXCEPTION IF LACK OF AUTHORITY IS DISCLOSED TO CLIENT  

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A financial services licensee is not responsible under section 917B or 917C for the conduct of their representative if:


(a) the conduct is not within authority in relation to the licensee (or in relation to any of the licensees, if there were more than one); and


(b) the representative disclosed that fact to the client before the client relied on the conduct; and


(c) the clarity and the prominence of the disclosure was such as a person would reasonably require for the purpose of deciding whether to acquire the relevant financial service.

Note: A person must not hold out that conduct, or proposed conduct, of the person is within authority in relation to a particular financial services licensee, unless that is the case. See section 911C.


 



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