Document ID: chunk:federal_register_of_legislation:C2022C00218:clause:1_921z
Version: federal_register_of_legislation:C2022C00218
Segment Type: clause
Provision Reference: sch 1 cl 921Z
Character Range: 81331–83075

921Z  Financial services licensees not to continue to authorise unregistered relevant providers to provide personal advice

Authorised representatives
 (1) A financial services licensee contravenes this subsection if:
 (a) the licensee has given a relevant provider a written notice under subsection 916A(1) authorising the relevant provider to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products; and
 (b) the relevant provider provides such advice; and
 (c) at the time when the relevant provider does so:
 (i) the licensee has not revoked the authorisation under subsection 916A(4); and
 (ii) no registration of the relevant provider under subsection 921ZC(1) is in force.

Employees and directors
 (2) A financial services licensee contravenes this subsection if:
 (a) the licensee authorises a relevant provider who is an employee or director of the licensee, or of a related body corporate of the licensee, to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products; and
 (b) the relevant provider provides such advice; and
 (c) at the time when the relevant provider does so:
 (i) the licensee has not ceased to authorise the relevant provider as described in paragraph (a); and
 (ii) no registration of the relevant provider under subsection 921ZC(1) is in force.

Strict liability offence
 (3) A person commits an offence of strict liability if the person contravenes subsection (1) or (2).

Civil liability
 (4) A person contravenes this subsection if the person contravenes subsection (1) or (2).
Note: This subsection is a civil penalty provision (see section 1317E).

Subdivision B—Applications for registration