Giving AFS licensees information about their representatives

ASIC may, if we consider it appropriate, give an AFS licensee or an Australian credit licensee (credit licensee) information we have about their representatives: see section 916G of the Corporations Act 2001 and section 73 of the National Consumer Credit Protection Act 2009.

However, we may only give this information if:

  • it is about a person who we believe is, or will be, a representative of that licensee
  • we believe, on reasonable grounds, that the information is true.

Giving information that we hold about a representative to their current licensee can help reduce industry-related compliance risks. This information can help licensees make informed decisions about their representatives and appropriately monitor their conduct. This will increase the likelihood that representatives receive the level of supervision and training from their licensees that they need to fulfil their role.

Knowing that we might disclose information to their licensee may also encourage representatives to be more transparent about their past conduct.

For more information, see Information Sheet 250 Giving AFS and credit licensees information about their representatives (INFO 250)

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Last updated: 07/12/2021 10:37