Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH Note: Division 8A is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2021/716 (as amended by the ASIC Corporations and Credit (Amendment) Instrument 2023/589).
CCH Note: Subdivision AA is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2021/716 (as amended by the ASIC Corporations and Credit (Amendment) Instrument 2023/589).
CCH Note: Section 921C is modified by the ASIC Corporations (Existing Providers) Instrument 2022/241; the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705; the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647; the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669; and the ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2021/716 (as amended by the ASIC Corporations and Credit (Amendment) Instrument 2023/589).
Financial services licensees
921C(1)
ASIC must not grant an applicant an Australian financial services licence that covers the provision of personal advice to retail clients in relation to relevant financial products if the applicant is an individual and any of the following paragraphs apply: (a) the applicant has not met any one or more of the education and training standards in subsections 921B(2) to (4) ; (b) if:
(i) the applicant is to provide a tax (financial) advice service; and
(ia) the applicant is not a registered tax agent; and
the applicant has not met the requirement; (c) if:
(ii) a determination in force under subsection 921BB(1) sets out a requirement mentioned in any of paragraphs (a) to (c) of that subsection;
(i) the applicant is to provide a tax (financial) advice service; and
(ia) the applicant is not a registered tax agent; and
the applicant has not undertaken that work and training.
(ii) a determination in force under subsection 921BB(1) includes a requirement for a person who is to provide a tax (financial) advice service to have undertaken specified work and training;
Authorised representatives
921C(2)
A financial services licensee must not, under section 916A , give a person a written notice authorising the person to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products if the person is an individual and any of the following paragraphs apply: (a) the person has not met either or both of the education and training standards in subsections 921B(2) and (3) ; (b) the person has not met the education and training standard in subsection 921B(4) , and is not undertaking work and training in accordance with that subsection; (c) if:
(i) the person is to provide a tax (financial) advice service; and
(ia) the person is not a registered tax agent; and
the person has not met the requirement.
(ii) a determination in force under subsection 921BB(1) sets out a requirement mentioned in any of paragraphs (a) to (d) of that subsection;
Sub-authorisations
921C(3)
An authorised representative of a financial services licensee must not, under subsection 916B(3) , give an individual a written notice authorising that individual to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products if any of the following paragraphs apply: (a) the individual has not met either or both of the education and training standards in subsections 921B(2) and (3) ; (b) the individual has not met the education and training standard in subsection 921B(4) , and is not undertaking work and training in accordance with that subsection; (c) if:
(i) the individual is to provide a tax (financial) advice service; and
(ia) the individual is not a registered tax agent; and
the individual has not met the requirement.
(ii) a determination in force under subsection 921BB(1) sets out a requirement mentioned in any of paragraphs (a) to (d) of that subsection;
Employees and directors
921C(4)
A financial services licensee must not authorise an employee or director of the licensee, or of a related body corporate of the licensee, to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products if any of the following paragraphs apply: (a) the employee or director has not met either or both of the education and training standards in subsections 921B(2) and (3) ; (b) the employee or director has not met the education and training standard in subsection 921B(4) , and is not undertaking work and training in accordance with that subsection; (c) if:
(i) the employee or director is to provide a tax (financial) advice service; and
(ia) the employee or director is not a registered tax agent; and
the employee or director has not met the requirement.
(ii) a determination in force under subsection 921BB(1) sets out a requirement mentioned in any of paragraphs (a) to (d) of that subsection;
Exemption in relation to time-sharing schemes
921C(5)
This section does not apply in relation to a person who is to provide personal advice to retail clients in relation to relevant financial products if the only relevant financial product in relation to which the person is to provide personal advice to retail clients is a time-sharing scheme.
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