Corporations Act 2001
If ASIC considers it appropriate to do so, it may give information to a financial services licensee about a person who ASIC believes is, or will be, a representative of the licensee. However, ASIC may only do so if it believes, on reasonable grounds, that the information is true.916G(2) [ Use of information]
(a) the licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving the information; or
(b) the licensee taking action pursuant to such a decision.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).916G(3) [ Purpose of use]
A person to whom information has been given for a purpose or purposes under subsection (2) or this subsection, may only make use of, make a record of, or give to another person, that information for that purpose or any of those purposes.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).916G(4) [ Qualified privilege]
A person has qualified privilege in respect of an act done by the person under subsection (2) or (3).916G(5) [ Use of information limited]
A person to whom information is given in accordance with this section must not give any of the information to a court, or produce in a court a document that sets out some or all of the information, except:
(a) for a purpose connected with:
(i) a financial services licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving some or all of the information; or
(ii) a financial services licensee taking action pursuant to that decision; or
(iii) proving in a proceeding in that court that particular action taken by a financial services licensee in relation to the representative was taken pursuant to that decision; or
(b) in a proceeding in that court, in so far as the proceeding relates to an alleged breach of this section; or
(c) in a proceeding in respect of an ancillary offence relating to an offence based on this section; or
(d) in a proceeding about giving to a court false information some, at least, of which was the information given under this section. 916G(6) [ Interpretation]
(a) taking action by way of making, terminating or varying the terms and conditions of an agreement; or
(b) otherwise taking action in relation to an agreement;
to the extent that the agreement relates to the representative acting on behalf of the licensee.916G(7) [ Effect of s 916G(5)]
(a) a reference in it to a court were a reference to a court of an external Territory or of a country outside Australia and the external Territories; and
(b) paragraphs (5)(b) and (c) were omitted.