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 1546E   APPLICATION OF CONTINUING PROFESSIONAL DEVELOPMENT STANDARD FOR RELEVANT PROVIDERS  

1546E(1)  
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) .

Note: Among other things, section 922N allows a financial services licensee to ask a person to provide information relating to whether the licensee must lodge a notice under section 922HB .

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.

1546E(5)  
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.


 

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