Document ID: chunk:federal_register_of_legislation:C2024C00638:section:397
Version: federal_register_of_legislation:C2024C00638
Segment Type: section
Provision Reference: s 397
Character Range: 347526–348145

397  Defences to actions to recover debts
 (1) It is a defence to an action to recover the debt from the licence holder or special purpose consent holder if:
 (a) the holder produces evidence that the holder took all reasonable steps to comply with the compliance direction; and
 (b) the evidence is not rebutted.
 (2) It is a defence to an action to recover the debt from the associate if:
 (a) the associate produces evidence that the associate did not know of, and could not reasonably be expected to know of, the existence of the compliance direction; and
 (b) the evidence is not rebutted.

Division 3—Securities