50CObligation to lodge a report—reportable situations in relation to other licensees

50C  Obligation to lodge a report—reportable situations in relation to other licensees Reporting a reportable situation to ASIC  (1) A licensee (the reporting licensee) must lodge a report with ASIC in accordance with this section if there are reasonable grounds to believe that:  (a) a reportable situation has arisen in relation to another licensee of the kind mentioned in:  (i) paragraph 50A(1)(a) or (b) (significant breach or likely breach of a core obligation); or  (b) one of the following is an individual who has engaged in conduct that forms part of the reportable situation:  (i) the other licensee;  (ii) an employee of the other licensee or of a related body corporate of the other licensee, acting within the scope of the employee’s employment;  (iii) a director of the other licensee or of a related body corporate of the other licensee, acting within the scope of the director’s duties as director;  (iv) another representative of the other licensee acting within the scope of the representative’s authority given by the licensee; and  (c) the individual is a mortgage broker. Report must be in the approved form  (2) The report must be lodged with ASIC in writing in the approved form. Period within which report must be lodged  (3) The report must be lodged with ASIC within 30 days after the reporting licensee first knows of, or is reckless with respect to, the circumstances mentioned in paragraphs (1)(a), (b) and (c). If the reportable situation already reported to ASIC  (4) Subsection (1) does not apply in relation to a reportable situation if there are reasonable grounds to believe that ASIC is aware of:  (a) the existence of the reportable situation; and  (b) all of the information that is required in a report under this section in relation to the reportable situation. A copy of the report must be given to the other licensee  (5) The reporting licensee must give a copy of any report that the reporting licensee is required to lodge with ASIC under subsection (1) to the other licensee within 30 days after the reporting licensee first knows of, or is reckless with respect to, the circumstances mentioned in paragraphs (1)(a), (b) and (c).  (6) A licensee has qualified privilege in relation to a copy of a report given under subsection (5).  (7) A licensee who has qualified privilege under subsection (6) in respect of conduct is also not liable for any action based on breach of confidence in relation to that conduct.