(1) A financial services licensee cannot be the authorised representative of another financial services licensee.
Note 1: Instead, the first licensee could use their own licence to provide financial services on behalf of the second licensee (assuming that the first licensee's licence covered the provision of those services). See paragraph 911B(1)(d).
Note 2: There is an exception to this rule in section 916E.
(2) A purported authorisation given in breach of this requirement is void.
(2A) A person must not give a purported authorisation if that purported authorisation is given in breach of this requirement.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
(2B) The requirement in subsection (1) does not prohibit a financial services licensee from being an authorised representative in circumstances covered by section 916E.
Note: In a prosecution for an offence based on subsection (2A), a defendant bears an evidential burden in relation to the matters in this subsection. See subsection 13.3(3) of the Criminal Code .
(3) As well, an authorisation that starts to breach this requirement, because the person authorised is subsequently granted an Australian financial services licence, is void.