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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES    View history reference

Division 8A - Professional standards for relevant providers    View history reference

Subdivision A - Education and training standards    View history reference

SECTION 921C  LIMITATION ON AUTHORISATION TO PROVIDE PERSONAL ADVICE UNLESS CONDITIONS MET  

 View history reference

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:


(a) the applicant is an individual; and


(b) the applicant has not met any one or more of the education and training standards in subsections 921B(2) to (4).

Note: Subsections 921B(2) to (4) set out the conditions for education and training for relevant providers.

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:


(a) the person is an individual; and


(b) either or both of the following subparagraphs apply:


(i) the person has not met either or both of the education and training standards in subsections 921B(2) and (3);

(ii) 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.

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 either or both 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.

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 either or both 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.

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.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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