THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.3 - PARTICIPANTS IN THE SECURITIES INDUSTRY

Division 3 - Representatives

SECTION 815   COMMISSION MAY GIVE LICENSEE INFORMATION ABOUT REPRESENTATIVE  

815(1)  [When information can be given]  

Where the Commission believes on reasonable grounds that:

(a)  a person (in this section called the holder ) holds, or will hold, a proper authority from a licensee;

(b)  having regard to that fact, the Commission should give to the licensee particular information that the Commission has about the person; and

(c)  the information is true;

the Commission may give the information to the licensee.

815(2)  [Licensee's use of information]  

Where the Commission gives information under subsection (1), the licensee or an officer of the licensee may, for a purpose connected with:

(a)  the licensee making a decision about what action (if any) to take in relation to the holder, having regard to, or to matters including, the information; or

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

or for 2 or more such purposes, and for no other purpose, give to another person, make use of, or make a record of, some or all of the information.

815(3)  [Other person's use of information]  

A person to whom information has been given, in accordance with subsection (2) or this subsection, for a purpose or purposes may, for that purpose or one or more of those purposes, and for no other purpose, give to another person, make use of, or make a record of, that information.

815(4)  [Restrictions on use of information]  

Subject to subsections (2) and (3), a person shall not give to another person, make use of, or make a record of, information given by the Commission under subsection (1).

815(4A)  [Non-application of sec 8(3)]  

Subsection 8(3) does not apply in relation to a reference in subsection (2), (3) or (4) of this section to a provision of this section.

815(5)  [Qualified privilege]  

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

815(6)  [Restrictions on giving information to court]  

A person to whom information is given in accordance with this section shall not:

(a)  give any of the information to a court; or

(b)  produce in a court a document that sets out some or all of the information;

except:

(c)  for a purpose connected with:

(i) the licensee making a decision about what action (if any) to take in relation to the holder, having regard to, or to matters including, some or all of the information;
(ii) the licensee taking action pursuant to such a decision; or
(iii) proving in a proceeding in that court that particular action taken by the licensee in relation to the holder was so taken pursuant to such a decision;

or for 2 or more such purposes, and for no other purpose;

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

(e)  in a proceeding in respect of an ancillary offence relating to an offence against this section; or

(f)  in a proceeding in respect of the giving to a court of false information being or including some or all of the first-mentioned information.

815(7)  [Reference to ``taking action'']  

A reference in this section to a person taking action in relation to another person is a reference to the first-mentioned person:

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

(b)  otherwise taking action in relation to a relevant agreement;

in so far as the relevant agreement relates to the other person being employed by, or acting for or by arrangement with, the first-mentioned person in connection with a securities business or investment advice business carried on by the first-mentioned person.

815(8)  [Extraterritorial effect of sec 815(6)]  

In addition, and without prejudice, to the effect it has of its own force, subsection (6) has by force of this subsection the effect it would have if:

(a)  the reference in it to information being given in accordance with this section were a reference to information being given in accordance with section 815 of the Corporations Law of this jurisdiction; and

(b)  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

(c)  paragraphs (6)(d) and (e) were omitted.




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