Corporations Act 2001
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Hide history noteAn employee of a licensed trustee company must not:
(a) make use of information acquired through being an employee of the trustee company for the purpose (or for purposes including the purpose) of:
(i) gaining an improper advantage for the employee or another person; or
(ii) causing detriment to the clients of the trustee company; or
(b) make improper use of their position as an employee for the purpose (or for purposes including the purpose) of:
(i) gaining, directly or indirectly, an advantage for the employee or for any other person; or
(ii) causing detriment to the clients of the trustee company.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
601UAB(2) [ Contravention]A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.
Note 1: Section 79 defines involved.
Note 2: This subsection is a civil penalty provision (see section 1317E ).
601UAB(3) [ Conflicting duties]A duty of an employee of the trustee company under subsection (1) overrides any conflicting duty the employee has under Part 2D.1 , but is subject to any conflicting duty the employee has under Part 5C.2 .
601UAB(4) [ Clients]A reference in this section to the clients of a licensed trustee company is a reference to the clients, when viewed as a group.
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