CORPORATIONS ACT 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.23A - TRANSITIONAL PROVISIONS RELATING TO THE CORPORATIONS AMENDMENT (PROFESSIONAL STANDARDS OF FINANCIAL ADVISERS) ACT 2017  

Division 2 - Application and transitional provisions  

SECTION 1546B   EXISTING PROVIDERS TO MEET CERTAIN EDUCATION AND TRAINING STANDARDS  

Completion of qualifications

1546B(1)  
An existing provider must have done either of the following by 1 January 2024:

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

(b) completed one or more courses determined by the standards body to give the provider qualifications equivalent to that standard.

Note: The standard in subsection 921B(2) is that a person has completed a bachelor or higher degree, or equivalent qualification, approved by the standards body, or a foreign qualification approved by the standards body.

1546B(2)  
To avoid doubt, an existing provider may meet the education and training standard in subsection 921B(2) , or complete one or more courses in accordance with paragraph (1)(b) of this section, before this section commences. Exam

1546B(3)  
An existing provider must have met the education and training standard in subsection 921B(3) before 1 January 2021.

Note 1: The standard in subsection 921B(3) is that a person has passed an exam approved by the standards body.

Note 2: ASIC must be notified when existing providers have passed the exam (see section 1546Y ).

Note 3: An existing provider is not required to meet the standard in subsection 921B(4) , which is that a person has undertaken at least a year of work and training that meets the requirements set by the standards body.

Failing to meet the education and training standards

1546B(4)  
If, at the start of 1 January 2024, a person who is an existing provider, and a relevant provider at that time, fails to comply with subsection (1), the person is taken for the purposes of this Act, after that time, to have ceased to be a relevant provider.

1546B(5)  
If, at the start of 1 January 2021, a person who is an existing provider, and a relevant provider at that time, fails to comply with subsection (3), the person is taken for the purposes of this Act, after that time, to have ceased to be a relevant provider.

1546B(6)  
Subsections (4) and (5) do not prevent the person again becoming a relevant provider. Standards body may determine courses

1546B(7)  
The standards body may, by legislative instrument, determine courses for the purposes of paragraph (1)(b).