Financial Sector Reform (Hayne Royal Commission Response - Better Advice) Act 2021 (115 of 2021)

Schedule 1   Initial amendments

Part 1   Main amendments

Corporations Act 2001

48   At the end of Division 8A of Part 7.6

Add:

Subdivision D - Other matters

921G Approval of foreign qualifications

Application for approval

(1) A person who has completed a foreign qualification may apply to the Minister in the form approved, in writing, by the Minister for approval of the foreign qualification.

Approval or refusal to approve

(2) The Minister must either:

(a) approve the foreign qualification in accordance with subsection (3); or

(b) refuse to approve the foreign qualification.

(3) The Minister may approve the foreign qualification only if:

(a) the Minister is satisfied that the foreign qualification gives the person qualifications equivalent to a degree or qualification approved by the Minister for the purposes of paragraph 921B(2)(a); or

(b) both of the following apply:

(i) the Minister specifies one or more courses to be completed by the person under subsection (4) of this section;

(ii) the person completes each of those courses.

(4) The Minister may specify one or more courses for the purposes of paragraph (3)(b) only if the Minister is satisfied that (together with the person's foreign qualification) the course or courses will give the person qualifications equivalent to a degree or qualification approved by the Minister for the purposes of paragraph 921B(2)(a).

When approval comes into force

(5) An approval under paragraph (2)(a) comes into force:

(a) if the Minister specifies one or more courses to be completed by the person under subsection (4) - when the person has completed all of those courses; or

(b) otherwise - when it is given.

921H Modifications of Part in relation to continuing professional development

(1) The Minister may, by legislative instrument, determine modifications of the operation of a provision in this Part in relation to a period determined by the Minister under:

(a) paragraph 921B(6)(d); or

(b) paragraph 921BB(1)(e).

(2) A determination made under subsection (1) has effect according to its terms, despite any other provision of this Act.