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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.7A - BEST INTERESTS OBLIGATIONS AND REMUNERATION    View history reference

Division 2 - Best interests obligations    View history reference

Subdivision G - Responsibilities of authorised representatives under this Division    View history reference

SECTION 961Q  CIVIL PENALTY PROVISION - SECTIONS 961B, 961G, 961H AND 961J  

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961Q(1)  

An authorised representative of a financial services licensee contravenes this section if the authorised representative contravenes section 961B, 961G, 961H or 961J.

Note: This subsection is a civil penalty provision (see section 1317E).

961Q(2)  

Subsection (1) does not apply if:


(a) the licensee had provided the authorised representative with information or instructions about the requirements to be complied with in relation to the giving of personal advice; and


(b) the authorised representative's failure to comply with section 961B, 961G, 961H or 961J occurred because the representative was acting in reliance on that information or those instructions; and


(c) the representative's reliance on that information or those instructions was reasonable.


 



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