Treasury Laws Amendment (2023 Measures No. 3) Act 2023 (75 of 2023)

Schedule 2   Recognising experience in the financial advice industry

Part 2   Addressing known issues for new entrants

Corporations Act 2001

14   After section 921G

Insert:

921GA Approval of domestic qualifications

Application for approval

(1) A person who:

(a) has completed a bachelor or higher degree approved by a determination in force for the purposes of subparagraph 921B(2)(a)(i) (the domestic qualification ); but

(b) has not completed the domestic qualification in accordance with subparagraph 921B(2)(a)(ii);

may apply to the Minister for approval of the domestic qualification.

(2) The application must be:

(a) in writing; and

(b) in the form approved, in writing, by the Minister.

Approval or refusal

(3) The Minister must, by written notice given to the person, either:

(a) approve the domestic qualification; or

(b) refuse to approve the domestic qualification.

(4) The Minister may approve the domestic qualification under subsection (3) only if the Minister is satisfied that:

(a) the person has completed the domestic qualification but not in accordance with subparagraph 921B(2)(a)(ii); and

(b) the person nevertheless has qualifications equivalent to the person completing the domestic qualification in accordance with subparagraph 921B(2)(a)(ii).

When approval comes into force

(5) An approval under subsection (3) comes into force when it is given.