Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.57 - TRANSITIONAL PROVISIONS RELATING TO THE FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE - BETTER ADVICE) ACT 2021 AND RELATED MEASURES  

Division 2 - Transitional provisions for existing providers  

SECTION 1684C   APPLICATION - EXISTING PROVIDERS WHO MEET CERTAIN EDUCATION AND TRAINING STANDARDS EXEMPT FROM WORK AND TRAINING REQUIREMENT  

1684C(1)    
Subsection 921BA(3) and subsection 921BA(5) in so far as it relates to subsection 921BA(3) , as inserted by Schedule 1 to the amending Act, do not apply in relation to an existing provider who is a relevant provider.

1684C(2)    
Subsection (1) has effect subject to subsections (3) and (4) .

Consequences of failing to gain qualifications for existing providers who are relevant providers on certain days

1684C(3)    
The provisions mentioned in subsection (1) apply, in relation to an existing provider who is a relevant provider, on and after 1 January 2026 if (and only if), at the start of that day:

(a)    the existing provider is a relevant provider; and

(b)    

the existing provider has not:

(i) met the education and training standard in subsection 921B(2) , as amended by Schedule 2 to the second amending Act; or

(ii) completed one or more courses determined by the Minister under subsection 1684E(1) to give the existing provider qualifications equivalent to that standard.

Consequences of failing to pass exam for existing providers who are relevant providers on certain days

1684C(4)    
The provisions mentioned in subsection (1) apply to an existing provider who is a relevant provider on and after the exam cut-off day for the existing provider, if (and only if), at the start of that day:

(a)    the existing provider is a relevant provider; and

(b)    the existing provider has not met the education and training standard in subsection 921B(3) , as amended by Schedule 1 to the amending Act.