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CORPORATIONS ACT 2001 - SECT 921Z

Financial services licensees not to continue to authorise unregistered relevant providers to provide personal advice

Authorised representatives

             (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

             (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

             (3)  A person commits an offence of strict liability if the person contravenes subsection (1) or (2).

Civil liability

             (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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