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CORPORATIONS ACT 2001 - SECT 916G

ASIC may give licensee information about representatives

             (1)  If ASIC considers it appropriate to do so, it may give information to a financial services licensee about a person who ASIC believes is, or will be, a representative of the licensee. However, ASIC may only do so if it believes, on reasonable grounds, that the information is true.

             (2)  A financial services licensee to whom the information is given may only make use of, make a record of, or give to another person, the information for a purpose connected with:

                     (a)  the licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving the information; or

                     (b)  the licensee taking action pursuant to such a decision.

Note:          Failure to comply with this subsection is an offence (see subsection 1311(1)).

             (3)  A person to whom information has been given for a purpose or purposes under subsection (2) or this subsection, may only make use of, make a record of, or give to another person, that information for that purpose or any of those purposes.

Note:          Failure to comply with this subsection is an offence (see subsection 1311(1)).

             (4)  A person has qualified privilege in respect of an act done by the person under subsection (2) or (3).

             (5)  A person to whom information is given in accordance with this section must not give any of the information to a court, or produce in a court a document that sets out some or all of the information, except:

                     (a)  for a purpose connected with:

                              (i)  a financial services licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving some or all of the information; or

                             (ii)  a financial services licensee taking action pursuant to that decision; or

                            (iii)  proving in a proceeding in that court that particular action taken by a financial services licensee in relation to the representative was taken pursuant to that decision; or

                     (b)  in a proceeding in that court, in so far as the proceeding relates to an alleged breach of this section; or

                     (c)  in a proceeding in respect of an ancillary offence relating to an offence based on this section; or

                     (d)  in a proceeding about giving to a court false information some, at least, of which was the information given under this section.

             (6)  A reference in this section to a financial services licensee taking action in relation to a representative is a reference to the licensee:

                     (a)  taking action by way of making, terminating or varying the terms and conditions of an agreement; or

                     (b)  otherwise taking action in relation to an agreement;

to the extent that the agreement relates to the representative acting on behalf of the licensee.

             (7)  Subsection (5) also has the effect it would have if:

                     (a)  a reference in it to a court were a reference to a court of a country outside Australia; and

                     (b)  paragraphs (5)(b) and (c) were omitted.



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