Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_916g:p1
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 916G (pt 1/2)
Character Range: 319666–322294

916G  ASIC may give licensee information about representatives

 (1) If ASIC considers it appropriate to do so, it may give information to a financial services licensee about a person who 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.

 (2) A financial services licensee to whom the information is given may only 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.

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

 (3) A person to whom information has been given for a purpose or purposes under subsection (2) or this subsection, may only make use of, make a record of, or give to another person, that information for that purpose or any of those purposes.

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

 (4) A person has qualified privilege in respect of an act done by the person under subsection (2) or (3).

 (5) 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 financial services 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 financial services licensee taking action pursuant to that decision; or
 (iii) proving in a proceeding in that court that particular action taken by a financial services licensee in relation to the representative was taken pursuant to that decision; or
 (b) in a proceeding in that court, in so far as the proceeding relates to an alleged breach of this section; or
 (c) in a proceeding in respect of an ancillary offence relating to an offence based on this section; or
 (d) in a proceeding about giving to a court false information some, at least, of which was the information given under this section.

 (6) A reference in this section to a financial services licensee taking action in relation to a representative is a reference to the licensee:
 (a) taking action by way of making, terminating or varying the terms and conditions of an agreement; or
 (b) otherwise taking action in relation to an agreement;