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 6 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 917C 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).
This section applies if the representative is the representative of more than one financial services licensee.
Financial service covered by only one authority
917C(2)
If:
(a) the representative is the representative of one of the licensees only in respect of a particular class of financial service; and
(b) the conduct relates to that class of service;
that licensee is responsible for the conduct, as between that licensee and the client, whether or not the conduct is within authority.
Financial service covered by multiple authorities: conduct within authority for one or more of them
917C(3)
If:
(a) the representative is the representative of more than one of the licensees in respect of a particular class of financial service; and
(b) the conduct relates to that class of service; and
(ba) the conduct relates to a particular kind of financial product prescribed by regulations made for the purposes of this paragraph; and
(c) the conduct is within authority in relation to:
(i) only one of those licensees (the authorising licensee ); or
(ii) two or more of those licensees (the authorising licensees );
then:
(d) if subparagraph (c)(i) applies - the authorising licensee is responsible for the conduct, as between that licensee and the client; or
(e) if subparagraph (c)(ii) applies - the authorising licensees are jointly and severally responsible for the conduct, as between themselves and the client.
All other cases
917C(4)
In any other case, all of the licensees are jointly and severally responsible for the conduct, as between themselves and the client, whether or not the representative ' s conduct is within authority in relation to any of them.
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