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CORPORATIONS ACT 2001 - SECT 991F Dealings involving employees of financial services licensees

CORPORATIONS ACT 2001 - SECT 991F

Dealings involving employees of financial services licensees

  (1)   Subject to the regulations, a financial services licensee and an employee of the licensee must not, on their own behalves, jointly acquire a financial product.

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

  (2)   Subject to the regulations, a financial services licensee must not give credit to an employee of the licensee, or to a person who they know is an associate of an employee of the licensee, if:

  (a)   the credit is given for the purpose of enabling the person to whom the credit is given to acquire a financial product; or

  (b)   the licensee knows or has reason to believe that the credit will be used for the purpose of acquiring a financial product.

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

  (3)   Subject to the regulations, a person:

  (a)   who is an employee of a financial services licensee that is a participant in a licensed market; and

  (b)   who is so employed in connection with a business of dealing in financial products;

must only, on their own behalf, acquire or agree to acquire a financial product of a kind that is able to be traded on that market if the licensee acts as the agent of the person in respect of the acquisition.

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

  (4)   In this section, a reference to an employee of a financial services licensee includes, for a licensee that is a body corporate, a reference to an officer of the body.

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