Securities Industry Act 1980
60KCommission may give licensee information about representative
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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.