Document ID: chunk:federal_register_of_legislation:F2024L00996:schedule:5:p5
Version: federal_register_of_legislation:F2024L00996
Segment Type: schedule
Provision Reference: sch 5 (pt 5/9)
Character Range: 12310–15350

an individual is a representative of two or more current licensees, this subsection applies in relation to each current licensee.
       Reasonable steps
       (2) For the purposes of subsection (1), taking reasonable steps to obtain a reference from a referee licensee about an individual as a prospective representative includes:
(a) seeking the consent of the individual in accordance with section 6 of this Protocol; and
(b) if the consent is obtained—requesting a reference from the referee licensee in accordance with section 7 of this Protocol.
       Sub-authorisations
       (3) For the purposes of this section:
(a) a recruiting licensee that gives consent or is considering giving consent in relation to a specified individual:
              (i) for the purposes of subsection 916B(3) of the Corporations Act to provide personal advice to retail clients in relation to a relevant financial product; or
              (ii) for the purposes of section 65 of the Credit Act to provide credit assistance in relation to credit contracts secured by mortgages over residential property where that individual will be a mortgage broker or a director, employee or agent of a mortgage broker;
is taken to be considering authorising the specified individual as a prospective representative of the recruiting licensee; and
(b) a recruiting licensee that gives, has given, or is considering giving, consent in relation to a specified class of individuals (the membership of which might change from time to time):
              (i) for the purposes of subsection 916B(3) of the Corporations Act to provide the personal advice specified in subparagraph (a)(i); or
              (ii) for the purposes of section 65 of the Credit Act to provide the credit assistance specified in subparagraph (a)(ii);
is taken to be considering authorising each individual that, on or after the day of commencement of this instrument, will fall within the specified class for the first time.
       Recruiting licensee—additional references
(4) Subject to section 6, a recruiting licensee may also request a reference in accordance with this Protocol about a prospective representative from any of the following:
(a) a former licensee in addition to those from whom subsection 5(1) requires the recruiting licensee to take reasonable steps to obtain a reference;
(b) a former mortgage intermediary;
(c) a current mortgage intermediary.
       Future mortgage intermediary—references
(5) Subject to section 6, a future mortgage intermediary may request a reference in accordance with this Protocol about a relevant mortgage broker from any of the following:
(a) a former licensee;
(b) a current licensee;
(c) a former mortgage intermediary;
(d) a current mortgage intermediary.

6 Requesting licensee—obligation to seek consent of individual

       (1) If a recruiting licensee (requesting licensee) or future mortgage intermediary (requesting licensee) is required to take reasonable steps, or wishes, to obtain a reference about a prospective representative or