Corporations Act 2001
CHAPTER 7
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FINANCIAL SERVICES AND MARKETS
PART 7.7A
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BEST INTERESTS OBLIGATIONS AND REMUNERATION
Division 4
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Conflicted remuneration
Subdivision C
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Ban on conflicted remuneration
SECTION 963G
AUTHORISED REPRESENTATIVE MUST NOT ACCEPT CONFLICTED REMUNERATION
963G(1)
An authorised representative of a financial services licensee must not accept conflicted remuneration.
Subsection (1) does not apply if:
(a) the licensee had provided the authorised representative with information about the nature of the benefit to be accepted by the authorised representative; and
(b) at the time the authorised representative accepted the benefit, the representative was not aware that the benefit was conflicted remuneration because the representative was acting in reliance on that information; and
(c) the representative ' s reliance on that information was reasonable.
[ CCH Note: Ch 7 will be amended by No 8 of 2022, s 3, Sch 2[165], by inserting the note, (effective 1 July 2022). The note will read:
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .]
View history note
Hide history noteAn authorised representative of a financial services licensee must not accept conflicted remuneration.
Note: This subsection is a civil penalty provision (see section 1317E ).
963G(2)Subsection (1) does not apply if:
(a) the licensee had provided the authorised representative with information about the nature of the benefit to be accepted by the authorised representative; and
(b) at the time the authorised representative accepted the benefit, the representative was not aware that the benefit was conflicted remuneration because the representative was acting in reliance on that information; and
(c) the representative ' s reliance on that information was reasonable.
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