Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person has qualified privilege in relation to the giving of any information to ASIC:
(a) that the person is required or expressly permitted to give under this Act; or
(b) that relates to a contravention, or possible contravention, of the credit legislation; or
(c) that relates to a matter that is relevant to a decision of ASIC under:
(i) section 37 (which deals with when ASIC must grant a licence); or
(ia) section 46A (which deals with when ASIC may grant an application for a variation of the conditions on a licence); or
(ii) section 54 or 55 (which deal with ASIC's powers to suspend or cancel licences); or
(iii) subsection 80(1) (which deals with ASIC's power to make banning orders).
(2) A person who has qualified privilege under subsection (1) in relation to conduct is also not liable for any action based on breach of confidence in relation to that conduct.
(3) The protections given by this section to a person in relation to conduct extend to representatives of the person.