Corporations Amendment (Register of Relevant Providers) Regulation 2015 (3 of 2015)

Schedule 2   Other amendments

Corporations Regulations 2001

1   After regulation 7.6.06

Insert:

7.6.06A Relevant provider number

For the purposes of paragraph 7.6.06B(2)(f), ASIC may give a unique number (or any unique combination of numbers, characters, symbols and letters) to a person who is a relevant provider.

7.6.06B Register of relevant providers

Register to include details of relevant providers

(1) For paragraph 922A(2)(e) of the Act, ASIC must enter details on a register of relevant providers in respect of each person who is or was a relevant provider.

Contents of register

(2) The details that must be entered on the register include the following:

(a) the relevant provider’s name;

(b) the name of each financial services licensee on whose behalf the relevant provider is or was authorised to provide personal advice in relation to relevant financial products to retail clients;

(c) if applicable, each person who controls the licensee;

(d) the relevant provider’s date and place of birth;

(e) the licence number given under subsection 913C(1) of the Act to the relevant provider and each licensee referred to in paragraph (b) of this subregulation;

(f) if applicable, the number given under regulation 7.6.06A;

(g) if the relevant provider is a relevant provider as a result of section 916B of the Act:

(i) the name of the authorised representative who authorised the relevant provider under that section; and

(ii) the number allocated to the authorised representative by ASIC;

(h) the recent advising history of the relevant provider;

(i) the year in which the relevant provider first provided personal advice in relation to relevant financial products to retail clients in accordance with the law (including the law of a State or Territory);

(j) whether the person is currently, or has ceased to be, a relevant provider;

(k) if the relevant provider has been disqualified from managing corporations - information contained on the register established under section 1274AA of the Act;

(l) if the relevant provider has been banned or disqualified under section 80 or 86 of the National Consumer Credit Protection Act 2009 - information about that banning or disqualification;

(m) if the relevant provider has been banned, disqualified or suspended under Division 8 of Part 7.6 of the Act, or under section 130F of the Superannuation Industry (Supervision) Act 1993 - information about that banning, disqualification or suspension;

(n) if the relevant provider has given an undertaking under either or both section 93AA of the ASIC Act and section 322 of the National Consumer Credit Protection Act 2009 - information about that undertaking;

(o) information about both of the following:

(i) the relevant financial products in relation to which the relevant provider is authorised to provide personal advice to retail clients;

(ii) whether the relevant provider is authorised to provide class of product advice in relation to some or all of those products;

(p) if applicable, the ABN of any of the following:

(i) the relevant provider;

(ii) each licensee referred to in paragraph (b);

(iii) if applicable, the authorised representative referred to in paragraph (g);

(q) information about both of the following:

(i) the educational qualifications of, and any training courses completed by, the relevant provider;

(ii) the relevant provider’s membership (if any) of professional bodies;

to the extent that the qualifications, training courses or memberships are relevant to the provision of financial services;

(r) any other information that ASIC believes should be included in the register.

Definitions

(3) In this regulation:

control has the meaning given by section 922C of the Act (as notionally inserted by Schedule 8D to these Regulations).

recent advising history has the meaning given by section 922G of the Act (as notionally inserted by Schedule 8D to these Regulations).

relevant financial products has the meaning given by section 922C of the Act (as notionally inserted by Schedule 8D to these Regulations).

relevant provider has the meaning given by section 922C of the Act (as notionally inserted by Schedule 8D to these Regulations).

7.6.06C Correcting registers

ASIC may correct any error in or omission from a register maintained under regulation 7.6.05, 7.6.06 or 7.6.06B.

Note: Australian Privacy Principle 13 applies to ASIC and requires it to take reasonable steps to correct personal information that is wrong or misleading so that the information is accurate, up to date, complete, relevant and not misleading (see Schedule 1 to the Privacy Act 1988).