CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.7A - BEST INTERESTS OBLIGATIONS AND REMUNERATION  

Division 2 - Best interests obligations  

Subdivision G - Responsibilities of authorised representatives under this Division  

SECTION 961Q   CIVIL PENALTY PROVISION - SECTIONS 961B, 961G, 961H AND 961J  

961Q(1)  
An authorised representative of a financial services licensee contravenes this section if the authorised representative contravenes section 961B , 961G , 961H or 961J .

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

961Q(2)  
Subsection (1) does not apply if:


(a) the licensee had provided the authorised representative with information or instructions about the requirements to be complied with in relation to the giving of personal advice; and


(b) the authorised representative ' s failure to comply with section 961B , 961G , 961H or 961J occurred because the representative was acting in reliance on that information or those instructions; and


(c) the representative ' s reliance on that information or those instructions was reasonable.


 

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