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 1684D   APPLICATION - LIMITATION ON AUTHORISATION OF EXISTING PROVIDERS TO PROVIDE PERSONAL ADVICE  

1684D(1)    
The following provisions (the relevant provisions ), as inserted by Schedule 1 to the amending Act, do not apply in relation to an existing provider:

(a)    paragraph 921C(1)(a) ;

(b)    paragraphs 921C(2)(a) and (b) ;

(c)    paragraphs 921C(3)(a) and (b) ;

(d)    paragraphs 921C(4)(a) and (b) .

1684D(2)    
Subsection (1) has effect subject to subsections (3) and (5) .

Consequences of failing to gain qualifications

1684D(3)    
Subject to subsection (4) , the relevant provisions begin to apply on 1 January 2026, in relation to an existing provider if, at the start of that day, the existing provider has not:

(a)    

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

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

Note: The relevant provisions may apply to an existing provider before 1 January 2026 if the existing provider fails to pass the exam by the exam cut-off day (see subsection (5) ).

Exemption in relation to existing providers who are not relevant providers on 1 January 2026

1684D(4)    
If, under subsection (3) , the relevant provisions begin to apply to an existing provider who is not a relevant provider on 1 January 2026, the relevant provisions apply in relation to the existing provider as if:

(a)    

a reference in them to meeting the education and training standard in subsection 921B(2) , as amended by Schedule 2 to the second amending Act, were a reference to:

(i) meeting the education and training standard in that subsection; or

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

(b)    they did not include a reference to the education and training standard in subsection 921B(4) , as amended by Schedule 1 to the amending Act, or a reference to undertaking work and training in accordance with that subsection.

Consequences of failing to pass exam

1684D(5)    
Subject to subsection (6) , the relevant provisions begin to apply, in relation to an existing provider, on the exam cut-off day for the existing provider if, at the start of that day, the existing provider has not met the education and training standard in subsection 921B(3) , as amended by Schedule 1 to the amending Act.

Exemption in relation to existing providers who are not relevant providers on exam cut-off day

1684D(6)    
If, under subsection (5) , the relevant provisions begin to apply to an existing provider who is not a relevant provider on the exam cut-off day for the existing provider, the relevant provisions apply in relation to the existing provider as if:

(a)    

they did not include a reference to the education and training standard in subsection 921B(2) , as amended by Schedule 2 to the second amending Act; and

(b)    they did not include a reference to the education and training standard in subsection 921B(4) , as amended by Schedule 1 to the amending Act, or a reference to undertaking work and training in accordance with that subsection.

1684D(6A)    

If an existing provider in relation to whom the relevant provisions begin to apply under subsection (6) has not, at the start of 1 January 2026, satisfied paragraph (3)(a) or (b) (which are about qualifications), then, from 1 January 2026:

(a)    for an existing provider who is a relevant provider on 1 January 2026 - the relevant provisions apply in relation to the existing provider without the modifications set out in paragraphs (6)(a) and (b) ; and

(b)    for an existing provider who is not a relevant provider on 1 January 2026 - the relevant provisions apply in relation to the existing provider:

(i) without the modifications set out in paragraphs (6)(a) and (b) ; and

(ii) with the modifications set out in paragraphs (4)(a) and (b) .

Note: This subsection sets out the consequences for the provider of failing to gain qualifications by 1 January 2026. These consequences differ depending on whether the provider is or is not a relevant provider on that day. If the provider is a relevant provider, they will need to meet the education and training standards. If the provider is not a relevant provider, they will need to gain qualifications but will not need to meet the work and training-related standards.

Consequences of relevant provisions beginning to apply to existing provider

1684D(7)    
If, on a particular day, any of the relevant provisions begin to apply to an existing provider who is a relevant provider, the existing provider is taken for the purposes of this Act to have ceased to be a relevant provider on that day.

1684D(8)    
Subsection (7) does not prevent the existing provider again becoming a relevant provider.