60KCommission may give licensee information about representative

##### 60K Commission may give licensee information about representative (1) Where the Commission believes on reasonable grounds that: (a) a person (in this section called the holder) holds, or will hold, a proper authority from a licensee; (b) having regard to that fact, the Commission should give to the licensee particular information that the Commission has about the person; and (c) the information is true; the Commission may give the information to the licensee. (2) Where the Commission gives information under subsection (1), the licensee or an officer of the licensee may, for a purpose connected with: (a) the licensee making a decision about what action (if any) to take in relation to the holder, having regard to, or to matters including, the information; or (b) the licensee taking action pursuant to such a decision; or for 2 or more such purposes, and for no other purpose, give to another person, make use of, or make a record of, some or all of the information. (3) A person to whom information has been given, in accordance with subsection (2) or this subsection, for a purpose or purposes may, for that purpose or one or more of those purposes, and for no other purpose, give to another person, make use of, or make a record of, that information. (4) Subject to subsections (2) and (3), a person shall not give to another person, make use of, or make a record of, information given by the Commission under subsection (1). (5) A person has qualified privilege in respect of an act done by the person as permitted by subsection (2) or (3). (6) A person to whom information is given in accordance with this section shall not: (a) give any of the information to a court; or (b) produce in a court a document that sets out some or all of the information; except: (c) for a purpose connected with: (i) the licensee making a decision about what action (if any) to take in relation to the holder, having regard to, or to matters including, some or all of the information; (ii) the licensee taking action pursuant to such a decision; or (iii) proving in a proceeding in that court that particular action taken by the licensee in relation to the holder was so taken pursuant to such a decision; or for 2 or more such purposes, and for no other purpose; (d) in a proceeding in that court, in so far as the proceeding relates to an alleged contravention of this section; (e) in a proceeding in respect of an ancillary offence relating to an offence against this section; or (f) in a proceeding in respect of the giving to a court of false information being or including some or all of the first‑ mentioned information. (7) A reference in this section to a person taking action in relation to another person is a reference to the first‑mentioned person: (a) taking action by way of making, terminating, or varying the terms and conditions of; or (b) otherwise taking action in relation to; a relevant agreement, in so far as the relevant agreement relates to the other person being employed by, or acting for or by arrangement with, the first‑mentioned person in connection with a securities business or investment advice business carried on by the first‑mentioned person. (8) In this section: > licensee includes a recognised licensee. Penalty: $5,000 or imprisonment for 1 year, or both.