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 1684AA   EXPERIENCED PROVIDER PATHWAY  

Recognising experience

1684AA(1)    
Despite anything else in this Part, a person (the experienced person ) who:

(a)    is an experienced provider; and

(b)    if the experienced person is an existing provider and is a relevant provider at the start of their exam cut-off day - meets the education and training standard in subsection 921B(3) at or before the start of that day;

is taken to meet the education and training standards in subsections 921B(2) and (4) if the experienced person makes a declaration under subsection (2) of this section.

1684AA(2)    
For the purposes of subsection (1) , the experienced person may make a written declaration confirming the experienced person satisfies the definition of experienced provider in subsection 1684(1) .

Note 1: If, on 1 January 2026, the experienced person is an existing provider and has not met the standards, the person may:

(a) cease to be a relevant provider (see subsection 1684D(7) ); and

(b) contravene subsection 911A(1) , 911B(1) , 921BA(1) or 921BA(3) and consequently commit an offence or be liable to a civil penalty.

Note 2: If the experienced person is required to meet the standards but has not otherwise done so, the person cannot (without first making the declaration):

(a) be granted an Australian financial services licence covering the provision of personal advice (see paragraph 921C(1)(a) ); or

(b) be given an authorisation to provide personal advice (see subsections 921C(2) to (4) ).

Note 3: A person may commit an offence or contravene a civil penalty provision if the person gives false or misleading information (see section 1308 of this Act and section 137.1 of the Criminal Code ).

Requirement to lodge notice

1684AA(3)    
A notice relating to the experienced person must be lodged with ASIC under this section in the prescribed form if the experienced person meets the education and training standards in subsections 921B(2) and (4) (the standards ) because of subsection (1) of this section.

Note 1: For how to lodge a notice in the prescribed form, see section 350 .

Note 2: The prescribed form may deal with information required under various sections (for example, sections 922D to 922L ) of this Act.

Who must lodge notice

1684AA(4)    
The notice must be lodged by:

(a)    if the experienced person is a financial services licensee - the experienced person; or

(b)    otherwise - each financial services licensee on whose behalf the experienced person is authorised to provide personal advice to retail clients in relation to relevant financial products.

When notice must be lodged

1684AA(5)    
A person who must lodge the notice (the lodger ) must do so within 30 business days after:

(a)    if the experienced person:

(i) makes the declaration under subsection (2) before 1 July 2024; and

(ii) if paragraph (4)(b) applies - gives the declaration to the lodger before 1 July 2024;

1 July 2024; or

(b)    otherwise - the later of:

(i) the day the experienced person makes the declaration under subsection (2) ; and

(ii) if paragraph (4)(b) applies - the day the experienced person gives the declaration to the lodger.

Content of notice

1684AA(6)    
The notice must include:

(a)    the experienced person ' s name; and

(b)    the address of the experienced person ' s principal place of business; and

(c)    a written statement by the lodger to the effect that:

(i) if paragraph (4)(a) applies - they have met the standards because of subsection (1) ; or

(ii) if paragraph (4)(b) applies - they have received a copy of the experienced person ' s declaration made under subsection (2) .

Requirement to give licensees the declaration

1684AA(7)    
If paragraph (4)(b) applies, the experienced person must:

(a)    give each licensee mentioned in that paragraph a copy of the experienced person ' s declaration made under subsection (2) ; and

(b)    do so as soon as practicable after making the declaration.

Register of Relevant Providers

1684AA(8)    
Subsection 922Q(2) applies as if the details that must be entered on the Register of Relevant Providers in respect of a person who is or was a relevant provider included whether a notice has been lodged with ASIC under this section in relation to the person.

Failing to lodge notice

1684AA(9)    

Section 922M applies in relation to a person who must lodge a notice under this section in a corresponding way to the way that section applies in relation to a person required to cause a notice to be lodged under a provision referred to in subsection 922L(1) .

Note: Section 922M provides an offence and civil penalty for failing to lodge certain notices.