Corporations Act 2001
CHAPTER 7
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FINANCIAL SERVICES AND MARKETS
Division 8A
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Professional standards for relevant providers etc.
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:
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:
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:
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:
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.
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
PART 7.6
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LICENSING OF PROVIDERS OF FINANCIAL SERVICES
CCH Note: Part 7.6 (other than Divs 4 and 8) is modified by ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449.
Subdivision AA
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Limitations on authorisation to provide personal advice
SECTION 921C
LIMITATION ON AUTHORISATION TO PROVIDE PERSONAL ADVICE UNLESS CONDITIONS MET
CCH Note: Section 921C is modified by the ASIC Corporations (Existing Providers) Instrument 2022/241.
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
the applicant has not met the requirement; (c) if:
(ii) a determination in force under subsection 921BB(1) sets out a requirement mentioned in any of paragraphs (a) to (c) of that subsection;
(i) the applicant is to provide a tax (financial) advice service; and
the applicant has not undertaken that work and training. Authorised representatives 921C(2)
(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;
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
the person has not met the requirement. Sub-authorisations 921C(3)
(ii) a determination in force under subsection 921BB(1) sets out a requirement mentioned in any of paragraphs (a) to (d) of that subsection;
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
the individual has not met the requirement. Employees and directors 921C(4)
(ii) a determination in force under subsection 921BB(1) sets out a requirement mentioned in any of paragraphs (a) to (d) of that subsection;
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
the employee or director has not met the requirement. Exemption in relation to time-sharing schemes 921C(5)
(ii) a determination in force under subsection 921BB(1) sets out a requirement mentioned in any of paragraphs (a) to (d) of that subsection;
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.
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