Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH Note: Division 5 is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2021/716 (as amended by the ASIC Corporations and Credit (Amendment) Instrument 2023/589).
CCH Note: Section 916B is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2021/716 (as amended by the ASIC Corporations and Credit (Amendment) Instrument 2023/589).
Subject to subsection (3) , an authorised representative of a financial services licensee cannot, in that capacity, make a person their authorised representative or an authorised representative of the licensee.
916B(2)
A purported authorisation contrary to this section or subsection 921C(3) is void.
916B(2A)
A person must not give a purported authorisation if that purported authorisation is contrary to this section or subsection 921C(3) .
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
916B(3)
An authorised representative (an authoriser ) of a financial services licensee may, in that capacity, give an individual a written notice authorising that individual, for the purposes of this Chapter, to provide a specified financial service or financial services on behalf of the licensee, but only if the licensee consents in writing given to the authoriser.
Note: There are limitations on sub-authorising an individual to provide certain personal advice if the individual does not meet certain requirements (see section 921C ).
916B(3A)
An individual who is authorised as mentioned in subsection (3) cannot, in that capacity, authorise another person under subsection (3) .
916B(4)
The financial services specified may be some or all of the financial services covered by the licensee's licence.
916B(5)
The licensee may give consent under subsection (3) in respect of either a specified individual or a specified class of individuals (the membership of which might change from time to time).
916B(5A)
If a licensee gives consent under subsection (3) to an authoriser, the licensee must keep a copy of the consent for 5 years after the day on which it ceases to have effect.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
916B(6)
An individual who is authorised as mentioned in subsection (3) is an authorised representative of the relevant licensee.
916B(7)
An authorisation of an individual as mentioned in subsection (3) may be revoked at any time by: (a) the licensee; or (b) the authoriser that gave the individual the authorisation;
giving written notice to the individual.
916B(8)
If a person revokes the authorisation of an individual under subsection (7) , that person must inform, in writing, the other person who could have revoked the authorisation.
916B(9)
To avoid doubt, an authorisation given as mentioned in subsection (3) is taken, for the purposes of sections 916C to 916F , to be given by the authoriser, not the licensee.
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