Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 8A - Professional standards for relevant providers etc.  

Subdivision AA - Limitations on authorisation to provide personal advice  

SECTION 921C   LIMITATION ON AUTHORISATION TO PROVIDE PERSONAL ADVICE UNLESS CONDITIONS MET  

Financial services licensees

921C(1)  
ASIC must not grant an applicant an Australian financial services licence that covers the provision of personal advice to retail clients in relation to relevant financial products if the applicant is an individual and any of the following paragraphs apply:

(a)  the applicant has not met any one or more of the education and training standards in subsections 921B(2) to (4) ;

(b)  if:

(i) the applicant is to provide a tax (financial) advice service; and

(ii) a determination in force under subsection 921BB(1) sets out a requirement mentioned in any of paragraphs (a) to (c) of that subsection;

the applicant has not met the requirement;

(c)  if:

(i) the applicant is to provide a tax (financial) advice service; and

(ii) a determination in force under subsection 921BB(1) includes a requirement for a person who is to provide a tax (financial) advice service to have undertaken specified work and training;

the applicant has not undertaken that work and training. Authorised representatives

921C(2)  
A financial services licensee must not, under section 916A , give a person a written notice authorising the person to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products if the person is an individual and any of the following paragraphs apply:

(a)  the person has not met either or both of the education and training standards in subsections 921B(2) and (3) ;

(b)  the person has not met the education and training standard in subsection 921B(4) , and is not undertaking work and training in accordance with that subsection;

(c)  if:

(i) the person is to provide a tax (financial) advice service; and

(ii) a determination in force under subsection 921BB(1) sets out a requirement mentioned in any of paragraphs (a) to (d) of that subsection;

the person has not met the requirement. Sub-authorisations

921C(3)  
An authorised representative of a financial services licensee must not, under subsection 916B(3) , give an individual a written notice authorising that individual to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products if any of the following paragraphs apply:

(a)  the individual has not met either or both of the education and training standards in subsections 921B(2) and (3) ;

(b)  the individual has not met the education and training standard in subsection 921B(4) , and is not undertaking work and training in accordance with that subsection;

(c)  if:

(i) the individual is to provide a tax (financial) advice service; and

(ii) a determination in force under subsection 921BB(1) sets out a requirement mentioned in any of paragraphs (a) to (d) of that subsection;

the individual has not met the requirement. Employees and directors

921C(4)  
A financial services licensee must not authorise an employee or director of the licensee, or of a related body corporate of the licensee, to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products if any of the following paragraphs apply:

(a)  the employee or director has not met either or both of the education and training standards in subsections 921B(2) and (3) ;

(b)  the employee or director has not met the education and training standard in subsection 921B(4) , and is not undertaking work and training in accordance with that subsection;

(c)  if:

(i) the employee or director is to provide a tax (financial) advice service; and

(ii) a determination in force under subsection 921BB(1) sets out a requirement mentioned in any of paragraphs (a) to (d) of that subsection;

the employee or director has not met the requirement. Exemption in relation to time-sharing schemes

921C(5)  
This section does not apply in relation to a person who is to provide personal advice to retail clients in relation to relevant financial products if the only relevant financial product in relation to which the person is to provide personal advice to retail clients is a time-sharing scheme.