Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_916b
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 916B
Character Range: 312661–314856

916B  Sub‑authorisations

 (1) Subject to subsection (3), an authorised representative of a financial services licensee cannot, in that capacity, make a person their authorised representative or an authorised representative of the licensee.

 (2) A purported authorisation contrary to this section is void.

 (2A) A person must not give a purported authorisation if that purported authorisation is contrary to this section.

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

 (3) A body corporate that is an authorised representative of a financial services licensee may, in that capacity, give an individual a written notice authorising that individual, for the purposes of this Chapter, to provide a specified financial service or financial services on behalf of the licensee, but only if the licensee consents in writing given to the body corporate.

 (4) The financial services specified may be some or all of the financial services covered by the licensee's licence.

 (5) The licensee may give consent under subsection (3) in respect of either a specified individual or a specified class of individuals (the membership of which might change from time to time).

 (5A) If a licensee gives consent under subsection (3) to a body corporate, the licensee must keep a copy of the consent for 5 years after the day on which it ceases to have effect.

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

 (6) An individual who is authorised as mentioned in subsection (3) is an authorised representative of the relevant licensee.

 (7) An authorisation of an individual as mentioned in subsection (3) may be revoked at any time by:
 (a) the licensee; or
 (b) the body corporate that gave the individual the authorisation;
giving written notice to the individual.

 (8) If a person revokes the authorisation of an individual under subsection (7), that person must inform, in writing, the other person who could have revoked the authorisation.

 (9) To avoid doubt, an authorisation given as mentioned in subsection (3) is taken, for the purposes of sections 916C to 916F, to be given by the body corporate, not the licensee.