Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.6.08

         (1)   For paragraph 926B (1) (c) of the Act, Part 7.6 of the Act applies as if the provisions of section 916B set out in column 2 of the following table were modified as set out in columns 3 and 4:

         (2)   For paragraph 926B (1) (c) of the Act, Part 7.6 of the Act applies as if the following subsection were inserted after subsection 916B (3):

        "(3A)  An individual who is authorised as mentioned in subsection (3) cannot, in that capacity, authorise another person under subsection (3)."

         (3)   For paragraph 926B (1) (c) of the Act, Part 7.6 of the Act applies as if subsection 916F (1AA) were omitted and the following subsection were substituted:

                   "(1AA)   Subsection (1) does not apply to an authorisation of a representative by an authorised representative (the authoriser ) if:

                     (a)  the authorisation is given as mentioned in section 916B; and

                     (b)  the relevant consent under subsection 916B (5) was given in respect of a specified class of individuals of which the representative is a member; and

                     (c)  the representative is an employee of the authoriser; and

                     (d)  the only financial services that the representative is authorised to provide are one or more of the following:

                              (i)  general advice that relates to financial products covered by regulations made for the purposes of this paragraph;

                             (ii)  dealing in financial products covered by regulations made for the purposes of this paragraph;

                            (iii)  personal advice about a basic deposit product or a facility for making non-cash payments that relates to a basic deposit product; and

                     (e)  the authoriser provides information about the representative and the representative's authorisation when requested."

Note 1:       Regulations made for the purposes of paragraph (d) may be expressed to cover all financial products, or only 1 or more specified kinds of financial products.

Note 2:       A defendant bears an evidential burden in relation to the matters in subsection (1AA). See subsection 13.3 (3) of the Criminal Code ."