House of Representatives
Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016
Explanatory Memorandum
(Circulated by authority of the Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP)Glossary
The following abbreviations and acronyms are used throughout this explanatory memorandum.
| Abbreviation | Definition |
| ASIC | Australian Securities and Investments Commission |
| ASIC Act | Australian Securities and Investments Commission Act 2001 |
| Bill | Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 |
| Body | Standards body declared under new section 921X |
| Code | Code of Ethics developed by the standards body |
| Corporations Act | Corporations Act 2001 |
| Corporations Regulations | Corporations Regulations 2001 |
| CPD | Continuous professional development |
| CPD year | Continuous professional development year |
| Criminal Code | Criminal Code contained in the Criminal Code Act 1995 |
| education standards | Education and training standards |
| existing provider | A person who is a:
|
| FOFA | Future of Financial Advice |
| FSI | Financial System Inquiry |
| licensee | Australian Financial Services Licensee |
| limited-service time-sharing adviser | A relevant provider who does not provide personal advice on any relevant financial products apart from timeshare schemes and does not meet all of the education standards |
| PGPA | Public Governance, Performance and Accountability Act 2013 |
| PJC | Parliamentary Joint Committee on Corporations and Financial Services |
| PJC Inquiry | Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into proposals to lift the professional, ethical and education standards in the financial services industry |
| provisional relevant provider | A relevant provider who meets the degree requirement and has passed the exam but is still undertaking their professional year and is subject to additional supervision requirements |
| Register | Register of Relevant Providers established under new section 922Q of the Corporations Act |
| Register Regulations | Provisions relating to the Register of Relevant Providers in Schedule 8D of the Corporations Regulations 2001, inserted by the Corporations Amendment (Register of Relevant Providers) Regulation 2015 |
| relevant financial product | A financial product other than a basic banking product, general insurance product, consumer credit insurance, or a combination of these products |
| relevant provider | A natural person who is authorised to provide personal advice to retail clients in relation to relevant financial products |
| RG 146 | ASIC's Regulatory Guide 146 Licensing: Training of financial product advisers |
| RIS | Regulation Impact Statement |
| Scheme | Compliance scheme under which compliance with the Code is monitored and enforced |
| TASA | Tax Agent Services Act 2009 |
| TPB | Tax Practitioners Board |