Document ID: chunk:federal_register_of_legislation:F2024L00996:schedule:5:p4
Version: federal_register_of_legislation:F2024L00996
Segment Type: schedule
Provision Reference: sch 5 (pt 4/9)
Character Range: 9548–12580

of the individual; and
           (b) the ASIC Corporations and Credit (Reference Checking and Information Sharing Protocol) Instrument 2021/429 (as in force immediately before its repeal) applies in relation to the employment or authorisation of the individual.
(3) This section is repealed at the end of 28 February 2025.

       Part 2—Protocol

5 Recruiting licensee and future mortgage intermediary—when a reference must or may be obtained
       When a recruiting licensee must obtain a reference
(1) A recruiting licensee that is considering employing or authorising an individual as a prospective representative of the recruiting licensee must take reasonable steps to obtain a reference about the individual from:
(a) where the individual:
              (i) is a representative of a current financial services licensee and has been a representative of that licensee for 12 months or more—that licensee; and
              (ii) is a representative of a current financial services licensee and has been a representative of that licensee for less than 12 months—that licensee and the most recent former financial services licensee (if any) of which the individual was a representative; and
              (iii) is not a representative of a current financial services licensee, but was a representative of the most recent former financial services licensee for 12 months or more—that licensee; and
              (iv) is not a representative of a current financial services licensee, but was a representative of the most recent former financial services licensee for less than 12 months—that licensee and the next most recent former financial services licensee (if any) of which the individual was a representative; and
              (v) is a financial services licensee—that licensee; and
(b) where the individual:
              (i) is a representative of a current credit licensee and has been a representative of that licensee for 12 months or more—that licensee; and
              (ii) is a representative of a current credit licensee and has been a representative of that licensee for less than 12 months—that licensee and the most recent former credit licensee (if any) of which the individual was a representative; and
              (iii) is not a representative of a current credit licensee, but was a representative of the most recent former credit licensee for 12 months or more—that licensee; and
              (iv) is not a representative of a current credit licensee but was a representative of the most recent former credit licensee for less than 12 months—that licensee and the next most recent former credit licensee (if any) of which the individual was a representative; and
              (v) is a credit licensee—that licensee.
Note: Where 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