Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.57 - TRANSITIONAL PROVISIONS RELATING TO THE FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE - BETTER ADVICE) ACT 2021 AND RELATED MEASURES  

Division 1 - Definitions  

SECTION 1684   DEFINITIONS  

1684(1)    
In this Part:

amending Act
means the Financial Sector Reform (Hayne Royal Commission Response - Better Advice) Act 2021 .

exam cut-off day
, for an existing provider, means:

(a) if, on 1 January 2022, regulations made for the purposes of paragraph 1684B(a) prescribe a day in relation to the existing provider - that day; or

(b) otherwise - 1 January 2022.

existing provider
has the meaning given by section 1546A .

experienced provider
: a person is an experienced provider if:

(a) the person is an individual; and

(b) on a day within the period (the qualifying period ) beginning on 1 January 2007 and ending on 31 December 2021, the person was, under this Act as in force on that day:

(i) a financial services licensee; or

(ii) an authorised representative of a financial services licensee; or

(iii) an employee or director of a financial services licensee; or

(iv) an employee or director of a related body corporate of a financial services licensee; and

(c) the person was, under this Act as in force on that day, authorised to provide personal advice to retail clients in relation to any financial product other than:

(i) a general insurance product; or

(ii) a consumer credit insurance product; or

(iii) for a day within the qualifying period that is on or after 1 July 2012 - a basic banking product; and

(d) the person satisfies paragraphs (b) and (c) for at least 10 years (that is, 3,650 days) within the qualifying period (whether consecutive or not); and

(e) before the end of the qualifying period, the person has never:

(i) been banned or disqualified under Division 8 of Part 7.6 as in force at that time; or

(ii) given an undertaking under section 93AA or 171E of the ASIC Act as in force at that time.

old Tax Agent Services Act
means the Tax Agent Services Act 2009 as in force immediately before 1 January 2022.

registered tax (financial) adviser
has the meaning given by the old Tax Agent Services Act.

relevant provider
(Repealed by No 75 of 2023, s 3, Sch 2[4] (effective 21 September 2023).)

second amending Act
means the Treasury Laws Amendment (2023 Measures No. 3) Act 2023 .

standards body
has the meaning given by section 910A , as in force immediately before 1 January 2022.

1684(2)    

An expression used in this Part that is also used in Part 7.6 has the same meaning as in Part 7.6 .