Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 5 - Authorised representatives  

SECTION 916F   OBLIGATION TO NOTIFY ASIC ETC. ABOUT AUTHORISED REPRESENTATIVES  

916F(1)  


A person must lodge with ASIC a written notice (in accordance with subsection (2)), within 15 business days, if the person authorises a representative to provide a financial service as mentioned in section 916A or 916B .

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

916F(1AA)  


Subsection (1) does not apply to an authorisation of a representative if:


(a) the authorisation is by a body corporate and is given as mentioned in section 916B ; and


(b) the relevant consent under subsection 916B(5) 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 body corporate; and


(d) the only financial services that the representative is authorised to provide are either or both 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.

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

916F(1A)  


A person who authorises an individual to provide a financial service on behalf of a financial services licensee as mentioned in section 916B must give the licensee written notice (in accordance with subsection (2)), within 15 business days of the individual being authorised to provide the financial service, if the licensee's consent to the authorisation was given in respect of a specified class of individuals.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

916F(2)   [ Contents of notice]  

The notice must include the following details:


(a) the name and business address of the representative;


(b) details of the authorisation, including the date on which it was made and what the representative is authorised to do on behalf of the relevant licensee;


(c) details of each other financial services licensee on behalf of whom the representative is an authorised representative.

916F(3)  
A person must notify ASIC, by lodging a written notice, within 10 business days if:


(a) the person authorised a representative under section 916A or 916B and there is a change in any details relating to the representative that are required to be included under subsection (2); or


(b) the person revokes an authorisation to which subsection (1) applied.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

916F(4)  
For the purposes of an offence based on subsection (3), strict liability applies to the physical element of circumstance of the offence, that the details mentioned in subsection (3) changed.

Note: For strict liability , see section 6.1 of the Criminal Code .


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