Corporations Act 2001
CCH Note: Part 7.6 (other than Divs 4 and 8) is modified by ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449.
The Minister may, by legislative instrument, determine any or all of the following requirements for a person who provides, or is to provide, a tax (financial) advice service: (a) a requirement that the person has completed one or more specified bachelor or higher degrees; (b) a requirement that the person has completed one or more specified qualifications; (c) a requirement that the person has completed one or more specified courses; (d) a requirement that the person has undertaken specified work and training; (e) a requirement for continuing professional development in relation to the CPD year of a financial services licensee or any other period determined by the Minister. 921BB(2)
Before exercising the power in subsection (1) , the Minister must be satisfied that doing so is necessary or desirable to ensure that relevant providers are adequately trained and competent to provide tax (financial) advice services. Continuing professional development 921BB(3)
If a determination in force under subsection (1) sets out a requirement mentioned in paragraph (1)(e) , a relevant provider who provides tax (financial) advice services must comply with that requirement: (a) in the case of a relevant provider who is a financial services licensee - during the licensee ' s CPD year; or (b) in the case of a relevant provider who is authorised to provide personal advice to retail clients, on behalf of a financial services licensee, in relation to relevant financial products - during the licensee ' s CPD year.
Note: Section 922HB requires a notice to be given at the end of a financial services licensee ' s CPD year if a relevant provider has not complied with this subsection during that year.Civil liability 921BB(4)
A person contravenes this subsection if the person contravenes subsection (3) .
Note 3: Exemptions apply in relation to certain relevant providers (see section 921BC ).
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