Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 8C - Registration of relevant providers  

Subdivision A - Requirement for relevant providers to be registered  

SECTION 921Z   FINANCIAL SERVICES LICENSEES NOT TO CONTINUE TO AUTHORISE UNREGISTERED RELEVANT PROVIDERS TO PROVIDE PERSONAL ADVICE  

Authorised representatives

921Z(1)  
A financial services licensee contravenes this subsection if:

(a)  the licensee has given a relevant provider a written notice under subsection 916A(1) authorising the relevant provider to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products; and

(b)  the relevant provider provides such advice; and

(c)  at the time when the relevant provider does so:


(i) the licensee has not revoked the authorisation under subsection 916A(4) ; and

(ii) no registration of the relevant provider under subsection 921ZC(1) is in force.
Employees and directors

921Z(2)  
A financial services licensee contravenes this subsection if:

(a)  the licensee authorises a relevant provider who is an employee or director of the licensee, or of a related body corporate of the licensee, to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products; and

(b)  the relevant provider provides such advice; and

(c)  at the time when the relevant provider does so:


(i) the licensee has not ceased to authorise the relevant provider as described in paragraph (a) ; and

(ii) no registration of the relevant provider under subsection 921ZC(1) is in force.
Strict liability offence

921Z(3)  
A person commits an offence of strict liability if the person contravenes subsection (1) or (2) . Civil liability

921Z(4)  
A person contravenes this subsection if the person contravenes subsection (1) or (2) .

Note: This subsection is a civil penalty provision (see section 1317E ).


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.