Section 921Z — Corporations Act 2001: 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) or (1A) 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) or (1A) 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).