Corporations Act 2001
An existing provider must have done either of the following by 1 January 2026:
(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.
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 2022.
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.
[ CCH Note: S 1546B(3) will be amended by No 69 of 2020, s 3, Sch 1, by substituting " The Registrar " for " ASIC " in note 2, (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
If, at the start of 1 January 2026, 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.
If, at the start of 1 January 2022, 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.
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).
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