Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 5 - Authorised representatives  

SECTION 916G   ASIC MAY GIVE LICENSEE INFORMATION ABOUT REPRESENTATIVES  

916G(1)    
If ASIC considers it appropriate to do so, it may give information to a financial services licensee about a person who ASIC believes is, or will be, a representative of the licensee. However, ASIC may only do so if it believes, on reasonable grounds, that the information is true.

916G(2)    
A financial services licensee to whom the information is given may only make use of, make a record of, or give to another person, the information for a purpose connected with:

(a)    the licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving the information; or

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

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

916G(3)    
A person to whom information has been given for a purpose or purposes under subsection (2) or this subsection, may only make use of, make a record of, or give to another person, that information for that purpose or any of those purposes.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

916G(4)    
A person has qualified privilege in respect of an act done by the person under subsection (2) or (3) .

916G(5)    
A person to whom information is given in accordance with this section must not give any of the information to a court, or produce in a court a document that sets out some or all of the information, except:

(a)    for a purpose connected with:

(i) a financial services licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving some or all of the information; or

(ii) a financial services licensee taking action pursuant to that decision; or

(iii) proving in a proceeding in that court that particular action taken by a financial services licensee in relation to the representative was taken pursuant to that decision; or

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

(c)    

in a proceeding in respect of:

(i) an offence against section 6 of the Crimes Act 1914 ; or

(ii) an ancillary offence (within the meaning of the Criminal Code );

relating to an offence based on this section; or

(d)    in a proceeding about giving to a court false information some, at least, of which was the information given under this section.

916G(6)    
A reference in this section to a financial services licensee taking action in relation to a representative is a reference to the licensee:

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

(b)    otherwise taking action in relation to an agreement;

to the extent that the agreement relates to the representative acting on behalf of the licensee.

916G(7)    
Subsection (5) also has the effect it would have if:

(a)    

a reference in it to a court were a reference to a court of a country outside Australia; and

(b)    paragraphs (5)(b) and (c) were omitted.