Financial Services Reform Amendment Act 2003 (141 of 2003)

Schedule 2   Other amendments of the Corporations Act 2001

38   After subsection 916F(1)

Insert:

(1AA) Subsection (1) does not apply to an authorisation of a representative if:

(a) the authorisation is by a body corporate and is given as mentioned in section 916B; and

(b) the relevant consent under subsection 916B(5) was given in respect of a specified class of individuals of which the representative is a member; and

(c) the representative is an employee of the body corporate; and

(d) the only financial services that the representative is authorised to provide are either or both of the following:

(i) general advice that relates to financial products covered by regulations made for the purposes of this paragraph;

(ii) dealing in financial products covered by regulations made for the purposes of this paragraph.

Note 1: Regulations made for the purposes of paragraph (d) may be expressed to cover all financial products, or only one or more specified kinds of financial products.

Note 2: A defendant bears an evidential burden in relation to the matters in subsection (1AA). See subsection 13.3(3) of the Criminal Code.