Document ID: chunk:federal_register_of_legislation:C2023C00275:clause:2_16
Version: federal_register_of_legislation:C2023C00275
Segment Type: clause
Provision Reference: sch 2 cl 16
Character Range: 75061–76145

16  General conduct obligations of registered persons

Obligation to be a member of the AFCA scheme
(1) During the period that:
 (a) starts at the same time as the start of the period referred to in subitem 11(2); and
 (b) ends on the transition end day;
a registered person must be a member of the AFCA scheme.

Other general conduct obligations of registered persons
(3) A registered person must:
 (a) do all things necessary to ensure that the credit activities authorised by the registration are engaged in efficiently, honestly and fairly; and
 (b) comply with the conditions on the registration; and
 (c) comply with the credit legislation; and
 (d) take reasonable steps to ensure that its representatives comply with the credit legislation; and
 (e) take reasonable steps to ensure that clients of the registered person are not disadvantaged by any conflict of interest that arises wholly or partly in relation to credit activities engaged in by the registered person or its representatives; and
 (f) comply with any other obligations that are prescribed by the regulations.