Corporations Amendment Regulations 2002 (No. 3) (41 of 2002)

Schedule 1   Amendments commencing at 12.02 am (in the Australian Capital Territory) on 11 March 2002

[113]   Subregulations 10.2.102 (4) and (5)

substitute

(4) If, as a result of the conduct of the representative, 1 or more of the principals issues, transfers, varies, or disposes of a financial product:

(a) each of those principals is jointly and severally liable for the conduct of the representative; and

(b) the nature of the liability is to be determined in accordance with the relevant law that applies to the conduct under the relevant legal regime under which the particular principal is operating.

(5) If subregulation (4) does not apply:

(a) the liability for the conduct is to be determined in accordance with the relevant law that applies to the conduct; and

(b) section 917B and subsection 917C (4) of the Act apply in relation to the liability of an FSR principal only if the conduct is in a class of financial services that the FSR principal has authorised the representative to provide.