ASIC may give licensee information about representatives
(1) If ASIC considers it appropriate to do so, it may give information to a financial services licensee about a person who ASIC believes is, or will be, a representative of the licensee. However, ASIC may only do so if it believes, on reasonable grounds, that the information is true. (2) A financial services licensee to whom the information is given may only make use of, make a record of, or give to another person, the information for a purpose connected with: (a) the licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving the information; or (b) the licensee taking action pursuant to such a decision. Note: Failure to comply with this subsection is an offence (see subsection 1311(1)). (3) A person to whom information has been given for a purpose or purposes under subsection (2) or this subsection, may only make use of, make a record of, or give to another person, that information for that purpose or any of those purposes. Note: Failure to comply with this subsection is an offence (see subsection 1311(1)). (4) A person has qualified privilege in respect of an act done by the person under subsection (2) or (3). (5) A person to whom information is given in accordance with this section must not give any of the information to a court, or produce in a court a document that sets out some or all of the information, except: (a) for a purpose connected with: (i) a financial services licensee making a decision about what action (if any) to take in relation to the representative, as a consequence of receiving some or all of the information; or (ii) a financial services licensee taking action pursuant to that decision; or (iii) proving in a proceeding in that court that particular action taken by a financial services licensee in relation to the representative was taken pursuant to that decision; or (b) in a proceeding in that court, in so far as the proceeding relates to an alleged breach of this section; or (c) in a proceeding in respect of: (i) an offence against section 6 of the Crimes Act 1914; or (ii) an ancillary offence (within the meaning of the Criminal Code); relating to an offence based on this section; or (d) in a proceeding about giving to a court false information some, at least, of which was the information given under this section. (6) A reference in this section to a financial services licensee taking action in relation to a representative is a reference to the licensee: (a) taking action by way of making, terminating or varying the terms and conditions of an agreement; or (b) otherwise taking action in relation to an agreement; to the extent that the agreement relates to the representative acting on behalf of the licensee. (7) Subsection (5) also has the effect it would have if: (a) a reference in it to a court were a reference to a court of a country outside Australia; and (b) paragraphs (5)(b) and (c) were omitted.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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