Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_916f
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 916F
Character Range: 317653–319666

916F  Obligation to notify ASIC etc. about authorised representatives

 (1) A person must lodge with ASIC a written notice (in accordance with subsection (2)), within 10 business days, if the person authorises a representative to provide a financial service as mentioned in section 916A or 916B.

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

 (1A) A person who authorises an individual to provide a financial service on behalf of a financial services licensee as mentioned in section 916B must give the licensee written notice (in accordance with subsection (2)), within 10 business days of the individual being authorised to provide the financial service, if the licensee's consent to the authorisation was given in respect of a specified class of individuals.

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

 (2) The notice must include the following details:
 (a) the name and business address of the representative;
 (b) details of the authorisation, including the date on which it was made and what the representative is authorised to do on behalf of the relevant licensee;
 (c) details of each other financial services licensee on behalf of whom the representative is an authorised representative.

 (3) A person must notify ASIC, by lodging a written notice, within 10 business days if:
 (a) the person authorised a representative under section 916A or 916B and there is a change in any details relating to the representative that are required to be included under subsection (2); or
 (b) the person revokes the authorisation of a representative under section 916A or 916B.

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

 (4) For the purposes of an offence based on subsection (3), strict liability applies to the physical element of circumstance of the offence, that the details mentioned in subsection (3) changed.

Note: For strict liability, see section 6.1 of the Criminal Code.