Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_991f
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 991F
Character Range: 493840–495433

991F  Dealings involving employees of financial services licensees

 (1) Subject to the regulations, a financial services licensee and an employee of the licensee must not, on their own behalves, jointly acquire a financial product.

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

 (2) Subject to the regulations, a financial services licensee must not give credit to an employee of the licensee, or to a person who they know is an associate of an employee of the licensee, if:
 (a) the credit is given for the purpose of enabling the person to whom the credit is given to acquire a financial product; or
 (b) the licensee knows or has reason to believe that the credit will be used for the purpose of acquiring a financial product.

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

 (3) Subject to the regulations, a person:
 (a) who is an employee of a financial services licensee that is a participant in a licensed market; and
 (b) who is so employed in connection with a business of dealing in financial products;
must only, on their own behalf, acquire or agree to acquire a financial product of a kind that is able to be traded on that market if the licensee acts as the agent of the person in respect of the acquisition.

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

 (4) In this section, a reference to an employee of a financial services licensee includes, for a licensee that is a body corporate, a reference to an officer of the body.

Division 8—Miscellaneous