Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 (8 of 2022)

Schedule 8   Minor and technical amendments Spring 2021

Part 1   Amendments commencing day after Royal Assent

Corporations Act 2001

11   Subsection 916F(1AA)

Repeal the subsection, substitute:

(1AA) Subsection (1) does not apply to an authorisation of a representative by an authorised representative (the authoriser ) if:

(a) the authorisation is given as mentioned in subsection 916B(3); and

(b) the relevant consent under subsection 916B(3) was given in respect of a specified class of individuals of which the representative is a member; and

(c) the representative is an employee of the authoriser; and

(d) the only financial services that the representative is authorised to provide are one or more of the following:

(i) general advice that relates to financial products covered by regulations made for the purposes of this paragraph;

(ii) dealing in financial products covered by regulations made for the purposes of this paragraph;

(iii) personal advice about a basic deposit product or about a facility for making non-cash payments that relates to a basic deposit product; and

(e) the authoriser provides information about the representative and the representative's authorisation when requested.

Note 1: Regulations made for the purposes of paragraph (d) may be expressed to cover all financial products, or only 1 or more specified kinds of financial products.

Note 2: A defendant bears an evidential burden in relation to the matters in subsection (1AA). See subsection 13.3(3) of the Criminal Code.