Document ID: chunk:federal_register_of_legislation:F2024L00996:schedule:5:p3
Version: federal_register_of_legislation:F2024L00996
Segment Type: schedule
Provision Reference: sch 5 (pt 3/9)
Character Range: 6713–9830

are reasonable grounds to suspect that, if the individual becomes a representative of the licensee, the individual will:
           (c) provide credit assistance in relation to credit contracts secured by mortgages over residential property; and
           (d) be a mortgage broker or a director, employee or agent of a mortgage broker.
recruiting financial services licensee means a financial services licensee that is considering employing or authorising an individual (prospective representative) who is:
           (a) a financial services licensee or a credit licensee; or
           (b) a former or current representative of a financial services licensee or a credit licensee;
as a representative of the licensee, where there are reasonable grounds to suspect that, if the individual becomes a representative of the licensee, the individual will provide personal advice to retail clients about relevant financial products.
recruiting licensee means a recruiting credit licensee or a recruiting financial services licensee.
referee licensee, in relation to an individual, means:
           (a) a credit licensee or a financial services licensee from whom subsection 5(1) requires a recruiting licensee to take reasonable steps to obtain a reference in relation to the individual; and
           (b) a former licensee, former mortgage intermediary or current mortgage intermediary from whom a recruiting licensee requests a reference under subsection 5(4) in relation to the individual; and
           (c) a former licensee, current licensee, former mortgage intermediary or current mortgage intermediary from whom a future mortgage intermediary requests a reference under subsection 5(5) in relation to the individual.
relevant financial products has the same meaning as in section 9 of the Corporations Act.
relevant mortgage broker: see the definition of future mortgage intermediary.
representative:
           (a) in relation to a financial services licensee has the same meaning as in section 9 of the Corporations Act; and
           (b) in relation to a credit licensee has the same meaning as in subsection 5(1) of the Credit Act.
           requesting licensee: see subsection 6(1).
(2) In this instrument, a reference to a reference, consent (given or withdrawn), notice, request, clarification or update, explanation or record is a reference to that thing in writing.

4A Transitional
(1) A recruiting licensee that is considering employing or authorising an individual as a prospective representative of the recruiting licensee does not have to comply with section 5 in relation to the individual.
(2) If a recruiting licensee relies on the exemption in subsection (1) in relation to an individual:
           (a) this instrument (other than this section) does not apply in relation to the employment or authorisation of the individual; and
           (b) the ASIC Corporations and Credit (Reference Checking and Information Sharing Protocol) Instrument 2021/429 (as in force immediately before its repeal) applies in relation to the employment or authorisation of the individual.
(3) This section is