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 2 - Transitional provisions for existing providers  

SECTION 1684A   APPLICATION - QUALIFICATIONS FOR EXISTING PROVIDERS  

1684A(1)    
For the purposes of this section, the relevant provisions are the following provisions of this Act, as inserted by Schedule 1 to the amending Act:

(a)    subsection 921BA(1) ;

(b)    subsection 921BA(5) in so far as it relates to subsection 921BA(1) .

1684A(2)    

Subject to subsection (4) of this section, the relevant provisions do not apply in relation to an existing provider before 1 January 2026.

1684A(3)    
Subject to subsection (4) of this section, the relevant provisions apply in relation to an existing provider on and after 1 January 2026 as if the reference in subsection 921BA(1) to meeting the education and training standard in subsection 921B(2) were a reference to:

(a)    meeting the education and training standard in subsection 921B(2) ; or

(b)    completing, on or before the following day, one or more courses determined by the Minister under subsection 1684E(1) to give the existing provider qualifications equivalent to that standard:

(i) if the existing provider is a relevant provider on 1 January 2026 - 31 December 2025;

(ii) otherwise - the day occurring immediately before the day on which the existing provider first becomes a relevant provider after 1 January 2026.

1684A(4)    
Subsections (2) and (3) of this section do not apply in relation to an existing provider if subsection (5) applies in relation to the existing provider.

Consequences of failing to pass exam

1684A(5)    
The relevant provisions apply, and are taken to have applied, in relation to an existing provider on and after the exam cut-off day for the existing provider if, at the start of that day, the existing provider:

(a)    was a relevant provider; and

(b)    had not met the education and training standard in subsection 921B(3) , as amended by Schedule 1 to the amending Act.