Commonwealth Consolidated Acts

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Civil penalty provision--sections 961B, 961G, 961H and 961J

             (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).

             (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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