CORPORATIONS ACT 2001 - SECT 921Z Financial services licensees not to continue to authorise unregistered relevant providers to provide personal advice

CORPORATIONS ACT 2001 - SECT 921Z

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) or (1A) 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) or (1A) 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).