Corporations Act 2001
Sections 921D and 922HA , as inserted by the amending Act, apply on and after 1 January 2019.
Note: Section 921D provides that certain relevant providers must meet the continuing professional development standard. Section 922HA requires ASIC to be notified of the day on which a financial services licensee ' s CPD year is to begin.1546E(2)
Sections 922HB and 922HC , as inserted by the amending Act, apply in relation to any CPD year of a financial services licensee that begins on or after 1 January 2019.
Note: Section 922HB requires ASIC to be notified if relevant providers do not comply with the continuing professional development standard. Section 922HC requires a financial services licensee to retain evidence of the continuing professional development of relevant providers.1546E(3)
Section 922N , as inserted by the amending Act, applies in relation to a request made of a person on or after 1 January 2019 for the purposes of subparagraph 922N(1)(c)(iii) . 1546E(4)
Subsection (5) applies if:
(a) the first CPD year of a financial services licensee commences after 1 January 2019; and
(b) before the start of the licensee ' s first CPD year:
(i) the licensee is a relevant provider; or
(ii) a relevant provider is authorised to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products.
Sections 922HB , 922HC and 922Q , as inserted by the amending Act, apply as if a reference in those sections to a financial services licensee ' s CPD year included a reference to the period:
(a) beginning on the later of 1 January 2019 and:
(i) if subparagraph (4)(b)(i) applies - the day the licensee is granted an Australian financial services licence that covers the provision of personal advice to retail clients in relation to relevant financial products; and
(ii) if subparagraph (4)(b)(ii) applies - the first day the relevant provider is authorised to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products; and
(b) ending on the day before the licensee ' s first CPD year.
Note 1: Among other things, section 922Q requires failures of relevant providers to comply with the continuing education standard to be entered on the Register.
Note 2: The standards body may, under subparagraph 921U(2)(a)(iv) , set requirements for continuing professional development in relation to a period mentioned in subsection (5) of this section, and, in one or more determinations made under subsection 921U(3) , modify the operation of a provision in Part 7.6 in relation to such a period.
[ CCH Note: S 1546E(5) will be amended by No 69 of 2020, s 3, Sch 1, by inserting " , or in any provisions of the data standards that relate to section 922Q, " after " those sections " (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.