Document ID: chunk:federal_register_of_legislation:C2024C00826:section:73:p1
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 73 (pt 1/2)
Character Range: 185519–188156

73  ASIC may give licensee information about representatives

ASIC may give licensee information about representatives
 (1) If ASIC considers it appropriate to do so, it may give information to a licensee about a person whom ASIC believes is, or will be, a representative of the licensee. However, ASIC may only do so if it believes, on reasonable grounds, that the information is true.

Requirements about use of information
 (2) A licensee to whom information is given under subsection (1) may make use of, make a record of, or give to another person, the information for a purpose connected with:
 (a) the licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving the information; or
 (b) the licensee taking action pursuant to such a decision.
 (3) A licensee to whom information is given under subsection (1) must not make use of, make a record of, or give to another person, the information other than as permitted by subsection (2).
Civil penalty: 5,000 penalty units.
 (4) A person to whom information has been given for a purpose or purposes under subsection (2) or this subsection may make use of, make a record of, or give to another person, that information for that purpose or any of those purposes.
 (5) A person to whom information has been given for a purpose or purposes under subsection (2) or (4) must not make use of, make a record of, or give to another person, the information other than as permitted by subsection (4).
Civil penalty: 5,000 penalty units.

Offence
 (6) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (3) or (5); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 1 year imprisonment.

Qualified privilege
 (7) A person has qualified privilege in relation to an act done by the person under subsection (2) or (4).

Use of information obtained under this section in court
 (8) A person to whom information is given in accordance with this section must not give any of the information to a court, or produce in a court a document that sets out some or all of the information, except:
 (a) for a purpose connected with:
 (i) a licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving some or all of the information; or
 (ii) a licensee taking action pursuant to that decision; or
 (iii) proving in proceedings in that court that particular action taken by a licensee in relation to the representative was taken pursuant to that decision; or
 (b) in proceedings