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CORPORATIONS ACT 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.23A - TRANSITIONAL PROVISIONS RELATING TO THE CORPORATIONS AMENDMENT (PROFESSIONAL STANDARDS OF FINANCIAL ADVISERS) ACT 2017    View history reference

Division 2 - Application and transitional provisions    View history reference

SECTION 1546E  APPLICATION OF CONTINUING PROFESSIONAL DEVELOPMENT STANDARD FOR RELEVANT PROVIDERS  

 View history reference

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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