Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_917c
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 917C
Character Range: 324788–326368

917C  Representatives of multiple licensees

 (1) This section applies if the representative is the representative of more than one financial services licensee.

Financial service covered by only one authority

 (2) If:
 (a) the representative is the representative of one of the licensees only in respect of a particular class of financial service; and
 (b) the conduct relates to that class of service;
that licensee is responsible for the conduct, as between that licensee and the client, whether or not the conduct is within authority.

Financial service covered by multiple authorities: conduct within authority for one or more of them

 (3) If:
 (a) the representative is the representative of more than one of the licensees in respect of a particular class of financial service; and
 (b) the conduct relates to that class of service; and
 (c) the conduct is within authority in relation to:
 (i) only one of those licensees (the authorising licensee); or
 (ii) two or more of those licensees (the authorising licensees);
then:
 (d) if subparagraph (c)(i) applies—the authorising licensee is responsible for the conduct, as between that licensee and the client; or
 (e) if subparagraph (c)(ii) applies—the authorising licensees are jointly and severally responsible for the conduct, as between themselves and the client.

All other cases

 (4) In any other case, all of the licensees are jointly and severally responsible for the conduct, as between themselves and the client, whether or not the representative's conduct is within authority in relation to any of them.