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 ).


 

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