Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:9ab
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 9AB
Character Range: 60354–63008

9AB  Conditions for licensee—referrals
 (1) For subsection 45(7) of the Act, a licensee who engages in a credit activity, on or after 1 October 2010, as a consequence of being a licensee described in subregulation 25(5) is subject to the conditions set out in this regulation.
Note: The licensee, or a representative of the licensee, provides the credit activity to a person by contacting the person after a referral by the referrer described in subregulation 25(5).

Register of referrers
 (2) The licensee must keep, or have access to, a register of the referrers described in subregulation 25(5):
 (a) with which the licensee has an agreement of the kind described in paragraph 25(5)(a); or
 (b) who have been made a written offer of the kind described in sub‑subparagraph 25(5)(b)(ii)(B).
 (3) The register must include:
 (a) the referrer's name and contact details; and
 (b) the date and means by which the referrer was advised in writing of the way in which the referrer may engage in credit activities under the agreement; and
 (c) the day on which the referrer first engaged in the conduct described in subparagraph 25(5)(c)(ii) under the agreement.
Note: The conduct is giving to the licensee, registered person or representative the consumer's name.
 (4) The licensee must make the register available to ASIC on request.

Contact after referral
 (5) The licensee may only contact the consumer described in subregulation 25(5) if he or she does so within 10 business days after receiving the referral from the referrer described in that subregulation.
 (6) If the licensee contacts the consumer in person, the licensee must begin the discussion with the consumer (after the licensee has identified itself) by statements to the following effect:
 (a) 'I am contacting you because we have been provided with your contact details by [name of referrer]. Can you confirm that you agreed with [name of referrer] to have us contact you?';
 (b) if a payment of indirect remuneration or a financial benefit may be given to the referrer—'before we continue, I would like to let you know that if you take up any of our products or services, [name of referrer] may receive the following financial benefits [brief description]';
 (c) 'are you happy to continue this discussion?'.
 (7) If the licensee contacts the consumer by letter or email, the licensee must include statements to the following effect at the start of the letter or email:
 (a) the licensee is contacting the consumer as a result of being provided with their contact details by the referrer (identifying the referrer by name);
 (b) the referrer may receive a financial benefit or payment.