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 - modifying legislative instruments: The application of Pt 7.8 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (Div 8 only) (as amended by ASIC Corporations (Amendment) Instrument 2024/554).
For legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.8, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
CCH Note: Division 7 is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
CCH Note: Section 991F is modified by the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
Subject to the regulations, a financial services licensee and an employee of the licensee must not, on their own behalves, jointly acquire a financial product.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
991F(2)
Subject to the regulations, a financial services licensee must not give credit to an employee of the licensee, or to a person who they know is an associate of an employee of the licensee, if: (a) the credit is given for the purpose of enabling the person to whom the credit is given to acquire a financial product; or (b) the licensee knows or has reason to believe that the credit will be used for the purpose of acquiring a financial product.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
991F(3)
Subject to the regulations, a person: (a) who is an employee of a financial services licensee that is a participant in a licensed market; and (b) who is so employed in connection with a business of dealing in financial products;
must only, on their own behalf, acquire or agree to acquire a financial product of a kind that is able to be traded on that market if the licensee acts as the agent of the person in respect of the acquisition.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
991F(4)
In this section, a reference to an employee of a financial services licensee includes, for a licensee that is a body corporate, a reference to an officer of the body.
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