Document ID: chunk:federal_register_of_legislation:C2024C00826:section:47:p2
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 47 (pt 2/3)
Character Range: 132639–135653

by ASIC.

Reference Checking and Information Sharing Protocol
 (3A) ASIC may, by legislative instrument, determine a protocol for sharing and requesting information about an individual in respect of whom there are reasonable grounds to suspect that:
 (a) if the individual becomes a representative of a licensee (recruiting credit licensee), the individual will:
 (i) provide credit assistance in relation to credit contracts secured by mortgages over residential property; and
 (ii) be a mortgage broker or a director, employee or agent of a mortgage broker; or
 (b) a mortgage intermediary (prospective mortgage intermediary) is acting, or will act, as an intermediary in relation to a licensee where the individual is, or is a former, current or prospective representative of, that licensee, and in that capacity the individual:
 (i) provides, provided or will provide credit assistance in relation to credit contracts secured by mortgages over residential property; and
 (ii) is, was or will be a mortgage broker or a director, employee or agent of a mortgage broker; or
 (c) if the individual becomes a representative of a financial services licensee (recruiting financial services licensee), the individual will provide personal advice to retail clients about relevant financial products.
 (3AA) The Reference Checking and Information Sharing Protocol may provide for any or all of the following to share information about the individual with the recruiting credit licensee, the prospective mortgage intermediary or the recruiting financial services licensee:
 (a) if the individual is a licensee—the individual;
 (b) if the individual is a former or current representative of a licensee—that licensee;
 (c) if a mortgage intermediary has previously acted or is acting as an intermediary in relation to a licensee where the individual is, or is a former or current representative of, that licensee—that mortgage intermediary;
 (3AB) The Reference Checking and Information Sharing Protocol may provide, in a case covered by paragraph (3A)(a) or (b), for the recruiting credit licensee or the prospective mortgage intermediary to request information about the individual from any or all of the following:
 (a) if the individual is a licensee or a financial services licensee—the individual;
 (b) if the individual is a former or current representative of a licensee—that licensee;
 (c) if the individual is a former or current representative of a financial services licensee—that financial services licensee;
 (d) if a mortgage intermediary has previously acted or is acting as an intermediary in relation to a licensee where the individual is, or is a former or current representative of, that licensee—that mortgage intermediary.
 (3AC) The Reference Checking and Information Sharing Protocol may provide for keeping and retaining records of information shared, and the circumstances under which that information is shared.
 (3B) The Reference Checking and Information Sharing Protocol must not:
 (a) require